In case you missed it, Lower East Side People’s Federal Credit Union filed suit against the President and Acting CFPB Director, Michael Mulvaney, alleging that Mulvaney’s appointment violates the constitution.
The credit union has $55 million in total assets. It’s CEO alleges that Deputy Director Leandra English is the proper and only lawful Acting Director of this massive regulatory agency that is not responsible to or funded by Congress.
“The Bureau is responsible to no one,” said OBA President Roger Beverage. “But I’m confused – using funds generated by an outdated tax exemption to sue the federal government? Is that what was intended? Or was it intended that those funds (created in part by the tax exemption) should instead be used to sponsor the Holiday Bowl?”
Apparently the credit union is afraid that Mulvaney and the administration will work to get rid of the Bureau. At least that’s what the press release indicated.