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AFR Release: Lawsuits Challenge Trump-Mulvaney Attempt to Take Over CFPB

Submitted by on January 12, 2018 – 4:26 pm

FOR IMMEDIATE RELEASE

Jan. 10, 2018

CONTACT:
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 251-6700

Lawsuits Challenge Trump-Mulvaney Attempt to Take Over CFPB

Americans for Financial Reform and the Center for Responsible Lending hosted a press call today with leading experts to discuss two ongoing lawsuits concerning the CFPB director and the administration’s attempts to destroy the CFPB’s independence.

Below are a few select quotes from the participants below:

“The legal fight here is far from over. … We’re still at the beginning of this litigation, not the end. And when we’re at the end of it, I think the court should conclude that English is the lawful acting director of the bureau, because that conclusion is the only one consistent with the text and the structure and the history of Dodd-Frank.” – Brianne Gorod, chief counsel, Constitutional Accountability Center

“This Dodd-Frank language I think can really be understood as making sure that an acting director is likely to be someone who already has experience inside the agency. That it’s mainly about ensuring the agency functions until the President formally nominates someone and send that nomination up to the Senate.” – Nina Mendelson, Professor of Law, University of Michigan Law School

“To us, it’s clear that the only way to remove the regulatory chaos is to have the lawful director actually in the position. And when we have a statute in Dodd-Frank that says absolutely plainly, as clear as a bell, that the Deputy Director shall be acting Director, then until that actually happens, we’re in a state where the person who is not there legally is in control.” – Ilann Maazel, attorney, Emery Celli Brinckerhoff & Abady LLP

“We are extremely concerned that any weakening of the CFPB would just send us back to the days before 2008 when our low-income members [of the Lower East Side People’s Federal Credit Union] were not among those who were having a wonderful life being totally unregulated, but in fact were suffering because of lack of regulation of financial predators in our community.” – Linda Levy, CEO, Lower East Side People’s Federal Credit Union, plaintiff in Lower East Side People’s Federal Credit Union v. Trump

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