Richard Cordray, the first director of the Consumer Financial Protection Bureau, resigned Friday and simultaneously named his own successor, setting up the consumer agency for another battle with the Trump White House over control of the powerful federal watchdog. With Cordray's resignation, English would become acting director. By naming English as deputy director, Cordray, an Obama appointee, sets up a fight with the Trump White House, who wanted to assign its own acting director of the CFPB. The CFPB Director position requires confirmation by the Senate, and it could be many weeks or months before he or she is able to step into his or her role as director. As director, he also was able to extract billions of dollars in settlements from banks, debt collectors and other financial services companies for wrongdoing.

Source: ABC News November 24, 2017 22:01 UTC