Group of professionals discuss finance

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

From Banking and Finance Law Daily, February 26, 2018

Mulvaney files brief in support of CFPB Acting Director appointment

By Charles A. Menke, J.D.

Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney has filed a brief with the U.S. Court of Appeals for the District of Columbia Circuit requesting the court affirm a U.S. district judge’s ruling denying the request of CFPB Deputy Director Leandra English for a preliminary injunction against Mulvaney’s appointment by President Donald Trump. Mulvaney contends that the comprehensive scheme provided by the Federal Vacancies Reform Act (FVRA) applies at any executive agency and is by default the exclusive means to select an acting officer. Last month, English filed her brief arguing for the reversal of the judge’s ruling claiming that the Dodd-Frank Act, not the FVRA, controls by establishing a mandatory succession plan when the Director of the CFPB resigns (see Banking and Finance Law DailyJan. 31, 2018).

According to Mulvaney, the plain language of the FVRA applies to a vacancy in the CFPB’s directorship and, moreover, the Dodd-Frank Act’s deputy director provision relied upon by English does not displace the FVRA. In addition, Mulvaney contends that significant practical consequences and constitutional concerns counter English’s interpretation of the Dodd-Frank Act provision. "The many statutes providing that a certain deputy ‘shall’ serve as an acting principal were surely not intended to bar the President from using his FVRA authority to select an acting head of the Departments of Defense, Energy, Education, Health and Human Services, Labor, and Treasury, or the Environmental Protection Agency and the Small Business Administration," the brief states.

Mulvaney also argues that equitable considerations weigh against the granting of a preliminary injunction in English’s favor. English has failed to establish that she will suffer irreparable harm absent injunctive relief, while the balance of harms and the public interest weigh heavily against an injunction, the brief asserts.

MainStory: TopStory BankingFinance CFPB DoddFrankAct FedTracker DirectorsOfficersEmployers

Back to Top

Banking and Finance Law Daily

Introducing Wolters Kluwer Banking and Finance Law Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.

A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.