Temporary restraining order to stop Trump's pick for CFPB is denied

Temporary restraining order to stop Trump's pick for CFPB is denied

The Trump administration warned that granting a temporary restraining order to prevent the president from naming an interim director of the US consumer finance watchdog would be an extraordinary intrusion into the executive branch and harm the agency.

He's a budget director in charge of what is effectively an off-budget federal agency, with the CFPB relying on transfers from the Federal Reserve System rather than annual appropriations from Congress. Mulvaney, and likely any Trump appointee, is certain to roll back the bureau's aggressive stance and be more accommodating to banks and other financial companies.

On his first day in the job - after crossing the street from his office in the White House complex bringing doughnuts to his colleagues - Mulvaney imposed a 30-day moratorium on new regulations, froze hiring and put a temporary hold on payments to victims of illegal banking practices.

English was tapped on Friday by outgoing CFPB Director Richard Cordray, a Democrat appointed by the Obama administration, to lead the agency until a new director was confirmed by the U.S. Senate, a process that could take months.

In denying English's request for a temporary restraining order, U.S. District Judge Timothy J. Kelly acknowledged that the case raised consitutional issues that would have to be resolved in further legal action.

"Leandra is a seasoned professional who has spent her career of public service focused on promoting smooth and efficient operations", said Cordray in a statement announcing English as his successor.

Trump is attempting to deliver "a double kiss to Wall Street this week" by "trying to push forward tax reform that gives a trillion and a half dollars in tax cuts to giant corporations and at the same time, trying to hollow out the Consumer Financial Protection Bureau", Warren argued.

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Kelly did not make any ruling on the case at an initial hearing Monday, saying he wanted to wait to hear the government's argument before issuing any ruling.

"The story here is the future of the CFPB and why this person is one of the most unqualified and unsuitable people to head it", said Mike Calhoun, president of the Center for Responsible Lending, a consumer advocacy group.

"You should expect that this agency will stay open".

"The law says that I shall appoint the deputy director, and I did so", he said.

Deputy Assistant Attorney General Brett Shumate had argued that Trump had authority under an earlier law, the 1998 Presidential Vacancies Reform Act, and cited supporting opinions by the Justice Department's Office of Legal Counsel and the CFPB's general counsel. "Rumors that I'm going to set the place on fire or lock the doors or blow it up are completely false", Mulvaney said.

Gupta said that English also carried out bureau business Monday, going into the bureau Monday morning, emailing employees, and meeting with lawmakers including Sens. "Everyone needs to know who is director of the bureau", Gupta said.

Sweet reported from NY.

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