U.S. President Donald Trump chose Mick Mulvaney as the interim director of the Consumer Financial Protection Bureau, contrary to outgoing head Richard Cordray's pick. But federal officials say Trump has the power he needs to put his top budget aide in charge. Jillian Kitchener reports.
EDITORS PLEASE NOTE: RESENDING STORY TO INCLUDE COMMENT FROM FEDERAL OFFICIALS President Donald Trump AND the outgoing director of the Consumer Financial Protection Bureau each named their own acting director to lead the agency. Hours after Richard Cordray resigned, Friday, the White House said Trump designated Budget Director Mick Mulvaney to fill the role temporarily. But Cordray had already named his chief of staff as his replacement… calling into question the regulator's leadership. The succession plan has never been tested, with Cordray as the Bureau's first and only full-time director. But Federal officials said Trump has the clear legal authority to name a temporary leader of the agency. Republicans are eager to take control. They have consistently complained that the agency, which has federal oversight of companies that lend money to consumers, is too powerful and lacks oversight from Congress. Democrats are eager to preserve the agency -- that was born after the financial crisis -- as it exists now. But Mick Mulvaney will be at the CFPB on Monday, and COULD BE the acting director for months.