Ex-CFPB head: Mulvaney won’t be director long-term

Richard Cordray, who stepped down from the top Consumer Financial Protection Bureau position prior to the weekend, has his thoughts on how the power struggle for his old job will play out.

“(Mick) Mulvaney will not be director of the CFPB over the long term. … This is the interim period we’re talking about here,” Cordray predicted to Erin Burnett on Monday evening.

Mulvaney, who currently serves as head of the Office of Management and Budget, was chosen by President Donald Trump, while Cordray tapped Leandra English on his way out the door. Both Mulvaney and English assumed the position Monday morning, with each reaching out to their inherited staff via email, signing them as “acting director.”

The result is a legal minefield, one that for the time being will be navigated by federal Judge Timothy Kelly, who will decide a lawsuit filed by attorneys for English seeking to halt the appointment of Mulvaney, who is named in the lawsuit along with Trump.

“One thing I would say is this is a serious legal matter that should be weighed carefully,” Cordray added during his “OutFront” interview.

Asked by the host whether he thought his nominee — English — had a chance to be his successor, the former director emphasized the importance of following a strict legal protocol:

“What I’ve learned over the years … judges are conscientious … not like lawyers, who give opinions,” he said. “It’s judges who have to decide this, and I am sure this judge will consider it carefully, and if either side disagrees with the judge’s ruling we’ll presumably go to the court of appeals.”