The U.S. Supreme Court this week ruled the president can fire the head of the Consumer Financial Protection Bureau (CFPB) at will, but it otherwise left the bureau intact
“The agency may ... continue to operate, but its Director, in light of our decision, must be removable by the President at will,” Chief Justice John Roberts wrote in his majority decision.
As interim director, Mulvaney called off a four-year investigation into World Acceptance, a lender targeting subprime borrowers. He also sided with lenders in a lawsuit against the CFPB to block new industry regulations, and then fired the agency’s 25-member advisory board after 11 of its members publicly criticized him in a news conference. Mulvaney’s actions were enough to push former student loan ombudsman Seth Frotman, who served as a watchdog for student loan servicing companies, to resign.
Today, the CFPB is directed by Kathy Kraninger. She was nominated by the president and approved by the Senate in a 50-49 vote in December 2018. The bureau is also empowered to take action against companies that break the law. In 2017, the bureau returned nearly $12 billion to 29 million consumers who were wronged by companies. The Consumer Federation of America finds significantly less monetary relief has been going to consumers under the Trump administration, compared to the Obama administration.
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