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66 I N D U S T R Y I N S I G H T / M I C H E L L E G A R C I A G I L B E R T BACK TO BASICS Richard Cordray, the first Director of the Bureau of Consumer Financial Protection (BCFP, formerly the Consumer Financial Protection Bureau), resigned in late November of 2017 after announcing his candidacy for Ohio governor. His departure instigated not only a legal battle over his rightful successor but also raised questions about what direction the bureau would take in the aftermath of his departure. Under new leadership and an administration with different priorities, what would the BCFP's guiding principles become? As part of his resignation, Cordray named his Chief of Staff, Leandra English, as the bureau's Acting Director. However, President Donald Trump appointed Mick Mulvaney, Director of the Office of Management and Budget, as Acting Director to replace Leandra English under the Federal Vacancies Reform Act, which allows the President to appoint an interim replacement for an appointed officer of an executive agency without Senate confirmation. On June 18, 2018, President Trump nominated Kathy Kraninger, a senior official at the Office of Management and Budget, as the bureau's Director, and her nomination advanced to the full Senate after a 13–12 Senate Banking Committee vote. Kraninger's boss, Mulvaney, has a controversial history with the bureau—he voted to eliminate it while in the U.S. House for South Carolina. Senator Elizabeth Warren, an architect of the BCFP, said that English should by all rights assume the Acting Director role. English then sued for the position, ultimately lost that lawsuit, and appealed. As of July 6, 2018, English resigned and dropped her appeal. AN END TO ENVELOPE-PUSHING Mick Mulvaney seems to be a breath of fresh air for those pushed around by the BCFP. On January 23, 2018, Mulvaney emailed a memo to his BCFP staff. Previously, Mulvaney argued, the BCFP had "pushed the envelope" when it came to its approach to regulation and enforcement. e bureau's past envelope- pushing did damage to both businesses and consumers. Rather than regulation by enforcement, Mulvaney said the bureau would use formal rulemaking and education will help prevent consumer abuse. In his memo, Mulvaney said, "We don't just work for the government, we work for the people. And that means everyone." Later in the memo, Mulvaney continued, saying, "If a company closes its doors under the weight of a multiyear Civil Investigative Demand, you and I will still have jobs—but what about the workers who are laid off as a result?" e new Strategic Plan for 2018, drafted by Mulvaney, is committed to the BCFP's statutory responsibilities but shows no interest in using the bureau as a cudgel to enforce "unwritten" regulations— unless directed to do so by 66

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