While most lawyers have declared the leadership battle at the Consumer Financial Protection Bureau all but over, former lawmakers Barney Frank and Chris Dodd teamed up again Thursday to make a last-minute protest to the Trump administration's recent installation of an acting director at the agency.
The former heads of the House and Senate banking committees argued that the Dodd-Frank Act clearly intended to allow the CFPB's deputy director to serve as acting director after the full-time head of the agency departed.
They said a federal judge erred when he ruled this week that the 2010 financial reform law did not take precedence over the Federal Vacancies Reform Act, which broadly allows a president to appoint any Senate-confirmed appointee as interim head of an independent agency.
Dodd said that under the law, "the president cannot just create a director."
Read more in American Banker.