Durbin: Wall St. hates consumer bureau 'like the devil hates holy water'

Durbin: Wall St. hates consumer bureau 'like the devil hates holy water'
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Senate Minority Whip Dick DurbinRichard (Dick) Joseph DurbinChicago detention facility under investigation following allegations of abuse of migrant children Senate approves resolution warning Trump not to hand over US officials Deal to fix family separations hits snag in the Senate MORE (D-Ill.) said Sunday that Wall Street hates the Consumer Financial Protection Bureau (CFPB) “like the devil hates holy water.”

“It’s a watchdog agency,” he said, referring to the CFPB. 

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“Wall Street hates it like the devil hates holy water. And they’re trying to put an end to it with Mr. Mulvaney stepping into Cordray’s spot,” Durbin added, referencing White House budget chief Mick MulvaneyJohn (Mick) Michael MulvaneyOn The Money: Trump rips Fed over rate hikes | Dems fume as consumer agency pick refuses to discuss border policy | Senate panel clears Trump IRS nominee Trump pick to head watchdog agency is who consumers need Dems fume as Trump's consumer bureau pick refuses to discuss role in border policy MORE and former CFPB Director Richard Cordray. 

The Trump administration has argued it is legally allowed to appoint a new head to the bureau now that Cordray has stepped down from his post, while the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act stipulates that the deputy director is to head the bureau if it does not have a permanent director.

President Trump on Friday appointed Mulvaney to serve as interim director after Cordray stepped down from his post.