Senator Tester Urges Trump to Protect Montana Consumers

Citing ‘Strong Concerns,’ Senator Calls for Stable Leadership at the CFPB

(U.S. Senate) – U.S. Senator Jon Tester is calling on the Trump Administration to protect Montana consumers by providing clear and stable leadership at the Consumer Financial Protection Bureau (CFPB) following Friday’s resignation of Director Richard Cordray.

CFPB Deputy Director Leandra English and Mick Mulvaney, the Director of the U.S. Office of Management and Budget, are both claiming jurisdiction over the agency – each citing conflicting laws.

In a letter to Trump, Tester said he has "strong concerns" about Mulvaney’s appointment to lead the Bureau. Mulvaney has previously called the CFPB "a sick, sad joke."

Tester called the confusion "an avoidable distraction that ultimately undermines the Bureau’s ability to stand up for hardworking Americans across the country."

"I respectfully urge you to allow Deputy Director English to act as the sole interim director of the CFPB and nominate a worthy and capable permanent director who is committed to protecting consumers as soon as possible," wrote Tester, Montana’s only member of the Senate Banking Committee. "Americans need a leader at the CFPB who will fight for them, not burn the agency down from the inside out."

Congress established the CFPB in the wake of the 2008 financial crisis to protect American consumers from harmful financial products and predatory Wall Street behavior. It plays a critical role in defending Montanans from mortgage schemes, fraud, identity theft, and for-profit schools aiming to take advantage of veterans.

The full text of Tester’s letter is available online HERE file:///C:/Users/jb81864/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/GGB1CKDP/2017_11_28%20CFPB%20Letter%20to%20Trump%20(002).pdf