WASHINGTON–With the pending change in presidential administrations, getting particular interest from credit unions is the question of what might be the future direction of the CFPB.
In this case, attempting to predict what the future might hold also involves a look back.
President-Elect Joe Biden has tapped Leandra English to lead his transition team’s review of the agency. English’s name will be familiar to many, as she was at the center of a political battle in 2017 after former director Richard Cordray exited the agency and named English, his chief of staff, to succeed him. But President Trump named his own chief of staff, Mick Mulvaney, to succeed Cordray, creating a months-long standoff in which both Mulvaney and English said they were in charge of the agency. English eventually resigned, and Kathleen Kraninger was finally named as the Bureau’s director.
But Kraninger may not hold the job much longer because, ironically, of a court case she supported. The Supreme Court ruled earlier this year the president does have the right to remove the director of the CFPB.
Now English is back and leading the review of the Bureau. English has most recently served as director of financial services, advocacy and outreach with the Consumer Federation of America, as well as director of policy with New York’s Department of Financial Services.
Also on the transition team reviewing the CFPB is Bill Bynum, president and CEO of Hope Credit Union.