Many people on Wall Street and Republicans on Capitol Hill don't like the Consumer Financial Protection Bureau, and they don't like Elizabeth Warren. The Dodd-Frank Act is clear: if there is a @CFPB Director vacancy, the Deputy Director becomes Acting Director. So Obama tapped Cordray, but even he was forced to lead the agency as "acting director" because Republicans in the Senate blocked his formal confirmation. Related: White House defends Mulvaney's appointment to CFPBWall Street and most Republicans loathe the agency, and they see Cordray's resignation as chance to remake it. In February, just after Trump's inauguration, Republicans declared all-out war on the CFPB, and introduced legislation to dismantle it.

Source: CNN November 25, 2017 19:18 UTC