Originations: CFPB now has 2 directors, showdown imminent

There are many polarizing opinions about outgoing CFPB head Richard Cordray. One indisputable fact is that he’s very smart. Because of this, when he announced last week that he’d exit by month-end, I was wondering why he’d ostensibly go so quietly. Then yesterday, he appointed his chief of staff to take over and said he’d exit now. Immediately after, the White House appointed OMB director and harsh CFPB critic Mick Mulvaney to head the CFPB. Now some language in Dodd Frank (the bill that created the CFPB) about appointing successors may need to be sussed out in court. Turns out Cordray was indeed intending to put the consumer financial protection debate on the front page for all consumers to see for themselves. A very noisy showdown is about to unfold. Links below.