WASHINGTON, D.C. – Today, Judge Timothy J. Kelly of the U.S. District Court for the District of Columbia denied a request for a temporary restraining order to keep Office of Management and Budget (OMB) Director Mick Mulvaney from serving as Acting Director of the Consumer Financial Protection Bureau (CFPB).
Center for Responsible Lending Senior Policy Counsel Melissa Stegman issued the following statement:
Today's ruling is disappointing and a cause for concern. Payday lenders and their allies in Congress, including then-Representative Mick Mulvaney, have consistently attempted to dismantle the CFPB since the agency’s creation. The 2008 financial crisis showed us that people need an independent regulator to protect people from financial abuse. Appointing Mulvaney, who currently reports to the President, as Acting Director defeats the purpose of an independent CFPB.
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