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Monday Morning Cup of Coffee: CFPB thrown into disarray with 2 acting directors Trump vows to revive bureau

November 27, 2017-Kelsey Ramírez-

Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on larger issues.

Over the long weekend, as you were eating Thanksgiving dinner and standing in long lines for Black Fridaythe Consumer Financial Protection Bureau erupted into chaos as two leaders are now appointed as acting director – and no one knows who to follow.

Previously, CFPB Director Richard Cordray announced in an email to the bureau’s staff that he will be stepping down from his position before the end of the month. When Cordray made his announcement, many, though not all, within the housing industry rejoiced, saying this meant a step in the right direction.

Others, including the Mortgage Bankers Associationcongratulated Cordray for his successful tenure, and expressed its excitement to work with the bureau’s next director.

Friday, Cordray announced he would leave the bureau for good by the end of the day, instead of the end of the month. He then promoted his chief of staff Leandra English as deputy director, according to an article by Renae Merle for The Washington Post.

Cordray sent a letter to CFPB staff, explaining English would serve as the agency’s acting director until the Senate confirmed a replacement, the article states.

 

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