President Donald Trump recently announced that Mick Mulvaney will be appointed as the acting director of Consumer Financial Protection Bureau. This announcement was made on Friday when Richard Corday, the outgoing director tapped the new successor.
Last Friday, Consumer Financial Protection Bureau had announced that Richard Corday had named chief of staff, Leandra English as the deputy director. Corday had revealed that he will be terminating his operations by November end and this Friday he officially submitted his resignation to the agency.
He also wrote a letter to President Trump and stated that it had been one of his greatest joys in his life to avail the opportunity of serving as the first director of Consumer Bureau for a span of 6 years.
A statement was released by the White House that said that Mulavaney who is the director of Management and Budget Office of White house will act as an interim director till the time a permanent director is appointed by the United States Senate.
The White House said that the President is looking forward to see Mulvaney as the Director and lead the dedicated staff of Central Finance protection Bureau. He hopes that Mulvaney will be able to empower the consumers to make their own decisions pertaining to finances and help them to facilitate their investments in the communities.
Cordray had been a target of the Republic lawmakers for quite some time now. The Bureau had ordered Wells Fargo to pay a fine of 185 million dollars for opening accounts of unauthorized customers secretly.
In his resignation letter, Cordray said that the agency had returned 12 billion dollars to about 30 million consumers who had been mistreated and cheated by other financial companies as well as banks.