On Black Friday, the Consumer Financial Protection Bureau was left in the dark about its leadership.
Director Richard Cordray announced early in the day that he would resign his position, effective at midnight, and named a deputy director to take over as Cordray’s replacement.
Hours later, President Donald Trump announced that he officially named Office of Management and Budget Director Mick Mulvaney as the acting director, a move the president believes he can make under the Federal Vacancies Reform Act. So who is in charge, and can the CFPB function while two acting directors appear to be in place?