He added: "The point is, we intend what [former CFPB Director Richard] Cordray was doing to have this kind of autonomy." The Dodd-Frank Wall Street reform law designated that the watchdog's deputy director would serve as acting director in the event of a vacancy specifically to give the agency independence from the White House, Frank said. When Cordray resigned Friday, he appointed the agency's chief of staff, Leandra English, to serve as its deputy director, teeing her up to take over as the bureau's acting director. But hours after Cordray tendered his resignation, the White House announced that Trump had chosen Office of Management and Budget Director Mick Mulvaney to serve as acting director, setting off a possible legal fight over the leadership of the agency. "Director Mulvaney will serve as acting director until a permanent director is nominated and confirmed," the White House said in a statement Friday.

Source: CNN November 25, 2017 20:48 UTC