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 DurbinDems confront Kelly after he calls some immigrants 'lazy' McConnell: 'Whoever gets to 60 wins' on immigration Hoyer: DACA deal a long ways off 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. 

“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 MulvaneyOvernight Regulation: EPA sued over water rule delay | House passes bill to ease ObamaCare calorie rule | Regulators talk bitcoin | Patient groups oppose FDA 'right to try' bill Mnuchin wants to know how consumer bureau is handling Equifax breach Overnight Finance: Senators near two-year budget deal | Trump would 'love to see a shutdown' over immigration | Dow closes nearly 600 points higher after volatile day | Trade deficit at highest level since 2008 | Pawlenty leaving Wall Street group 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.