Buckley Sandler Special Alert: CFPB director Cordray resigns, attempts to name successor
Buckley Special Alert
Today, CFPB Director Richard Cordray named the agency’s chief of staff, Leandra English, as the bureau’s deputy director, and submitted his resignation to President Trump. The moves follow media reports that President Trump planned to appoint OMB Director Mick Mulvaney as the acting director of the CFPB under the Federal Vacancies Reform Act and may signal a confrontation between current bureau leadership and the White House over succession at the agency.
As discussed in this article by Buckley Sandler partners Andrew Sandler and Benjamin Olson, section 1101(b) of the Dodd-Frank Act (12 U.S.C. § 5491(b)) provides that the CFPB’s director may appoint the deputy director who “shall ... serve as acting Director in the absence or unavailability of the Director.” In his statement to CFPB staff, Director Cordray specifically stated that English would become the acting director under this provision. He did not, however, reference the provision in his resignation letter to the president.
If you have questions about the announcement or other related issues, please visit our Consumer Financial Protection Bureau practice page, or contact a Buckley Sandler attorney with whom you have worked in the past.