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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 DurbinDurbin opposes Saudi arms sale over missing journalist Noisy democracy, or rude people behaving like children? Kavanaugh tensions linger after bitter fight 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: Deficit hits six-year high of 9 billion | Yellen says Trump attacks threaten Fed | Affordable housing set for spotlight in 2020 race Deficit hits six-year high of 9 billion: Treasury Trump attacks Democrat in Ohio governor's race 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.