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 DurbinDick DurbinManchin keeps Washington guessing on what he wants Democrats hope Biden can flip Manchin and Sinema US gymnasts offer scathing assessment of FBI 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 MulvaneyMick MulvaneyHeadhunters having hard time finding jobs for former Trump officials: report Trump holdovers are denying Social Security benefits to the hardest working Americans Mulvaney calls Trump's comments on Capitol riot 'manifestly false' 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.