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Benjamin K. Olson quoted in Dodd Frank Update article, “What does English’s resignation mean for CFPB?”

Dodd Frank Update

Benjamin K. Olson

Benjamin K. Olson was quoted on July 13, 2018 in a Dodd Frank Update article, “What does English’s resignation mean for CFPB?” which discussed the resignation of the Consumer Financial Protection Bureau deputy director Leandra English, the decision to drop her lawsuit against acting director Mick Mulvaney, and what this means for the agency. The article stated, “English’s legal argument mainly hinged on the notion that the Dodd-Frank Act clearly directed her, as deputy director, to become the bureau’s interim leader in the “absence or unavailability” of the director, and that the Federal Vacancies Reform Act (FVRA) defers to other applicable statutes regarding changes in command at federal agencies. That argument was struck down by D.C. District Judge Timothy Kelly, who ruled in January that her preliminary injunction request against Trump and Mulvaney lacked merit. Kelly agreed with the Department of Justice’s opinion that the FVRA was an available option for the president to appoint a temporary replacement for Cordray, as there is ambiguity in the Dodd-Frank statute pertaining to the chain command.” 

Olson added, “English’s argument that Mulvaney’s appointment cannot be squared with the congressional requirement that the bureau be independent because of his role as director of the Office of Management and Budget (OMB), an amicus filing in her appeals case, may have resonated with the appeals court judges that heard her case in April. The timing is curious because, while the odds were certainly against her, the questioning during oral argument before the D.C. Circuit panel back in April indicated some skepticism that Mulvaney could simultaneously serve as the head of OMB and the bureau. But it’s always dangerous to read too much into the questions that judges ask. It seems we’ll never know how the court would have come down.” In addition, Olson noted that “English could benefit from the fact that the judges tapped to hear her case all were appointed by other presidential administrations and might be more amenable to her side than those appointed by Trump – which included Kelly, the district judge hearing the case initially.”

Click here to read the full article.