Trump appointed Mick Mulvaney to head of financial watchdog

Vastavam web: US President Donald Trump today appointed White House budget director Mick Mulvaney to head a financial watchdog that the administration has sought to overhaul as part of its deregulation push.Mulvaney, who described the Consumer Financial Protection Bureau (CFPB) as a “sick, sad joke” in a 2014 interview, will serve as acting director until a permanent head is nominated and confirmed, according to a White House statement.Richard Cordray, the first director of the CFPB who had long been in the banking industry’s crosshairs, announced last week he would step down by the end of the month, several months early.

Trump’s Treasury Department has produced three reports calling for a whittling down of rules imposed on mid-size banks, a scaling back of stress tests and a restructuring of the CFPB.Last month, the US Senate voted to terminate a rule created by the agency that would have allowed class-action suits against banks or credit card companies.The rule would have addressed fine-print clauses that bank and credit card consumers must agree to which bar them from seeking redress through litigation.