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CFPB acting director imposes freeze on hiring, regulations, penalty payments

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CFPB acting director imposes freeze on hiring, regulations, penalty payments

White House Budget Director Mick Mulvaney, on his first day as acting director of the Consumer Financial Protection Bureau following President Donald Trump's appointment, imposed a 30-day freeze on hiring, on new rules, regulations and guidance, and on civil money penalty payments at the bureau, effective immediately.

Leadership at the U.S. agency in charge of protecting consumers from abuse by the financial services industry is the subject of controversy, after then-Director Richard Cordray stepped down and appointed his former chief of staff, Leandra English, as deputy director. Hours later, Trump appointed Mulvaney to be the CFPB's interim director. English has filed a lawsuit against Trump and Mulvaney.

Despite the succession challenge, Mulvaney arrived at the bureau and held talks with senior staff and other employees before holding a press conference. "Rumors that I'm going to set the place on fire or blow it up or lock the doors are completely false," Mulvaney said. He added that he thinks it is wrong that the CFPB is "completely unaccountable" and that there is a need for structural and legislative change for the way it is run.

Mulvaney said he has not met English at work, and has not taken any steps to fire her, despite the lawsuit.

Mulvaney intends to be at the bureau roughly three days a week, and at the Office of Management and Budget for three days a week.