Power struggle at Consumer Financial Protection Bureau draws concern from mortgage industry

White House budget chief Mick Mulvaney and CFPB heir apparent vie to be Cordray’s replacement.

A battle for the soul of the Consumer Financial Protection Bureau (CFPB) played out Monday inside a federal building in Washington. The real estate industry watched with fascination as White House budget chief Mick Mulvaney sought to wrest power from the agency’s acting director. Reporting for duty at 1700 G Street with a bag of donuts Monday morning, Mulvaney reportedly sent a missive introducing himself to the banking industry regulator’s 1,600 employees after its acting director Leandra English sent her own office-wide email.

Citing separate, conflicting federal statutes over the weekend, Mulvaney and English both claim to be the rightful director of the agency, and English has filed a lawsuit to block the appointment.

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