The newest attorney who wrote the Office of Legal Counsel memo supporting the Trump administration’s viewpoint that the president can appoint Mick Mulvaney as acting director of the Consumer Financial Protection Bureau represented a payday lender in front of the CFPB last year.
Engel blogged the latest memo to own OLC, which has been slammed by teachers to possess seeking a conclusion and performing backwards to help you justify they. “Let’s be honest, this really is an argument the place you get the answer, and then you go to the other side of one’s equation,” said previous Rep. Barney Frank, D-Size., a lead composer of the latest Dodd-Honest Act, and this developed the CFPB. Engel was confirmed as the an assistant attorney general earlier this day because of the a voice choose about Senate.
However in , Engel is actually one of two direct counsels having NDG Economic Corp., an excellent Canadian pay check bank one to CFPB quoted having running a great 9-12 months strategy to utilize their international reputation giving U.S. consumers higher-pricing loans that were in the chances with state and federal laws. “We are following through contrary to the NDG Corporation getting event currency they didn’t come with to get from consumers,” said CFPB Movie director Richard Cordray during the time. Continue reading “White House Memo Justifying CFPB Takeover Are Compiled by Pay check Bank Attorneys”