The Battle for the Consumer Financial Protection Bureau
November 27, 2017
Two directors battle for control of Consumer Financial Protection Bureau; CBO finds that proposed Senate tax bill would hurt low-income Americans; U.S. new home sales surge in October, hitting a 10-year-high.
- Two directors battle for control of Consumer Financial Protection Bureau. Two officials who both claim to be the rightful acting director of the Consumer Financial Protection Bureau are battling for control of the agency on Monday morning. Office of Management and Budget Director Mick Mulvaney, who President Trump says is in charge of the consumer bureau, ordered all CFPB employees to ignore directives from Deputy Director Leandra English and report them to the agency’s legal department. English was named as former CFPB Director Richard Cordray’s successor. She also briefed lawmakers in D.C. on Monday on her transitions plan. English sued President Trump and Mulvaney in federal court on Sunday night to block Mulvaney from taking acting directorship of the CFPB, citing the CFPB’s line of succession as enacted in the Dodd-Frank Act, which calls on the deputy director to serve as acting chief when between permanent directors. [The Hill]
- CBO finds that proposed Senate tax bill would hurt low-income Americans. The Congressional Budget Office (CBO) found that the proposed Senate tax legislation would negatively impact Americans in the lowest income tax brackets if passed. The bill would affect individuals who make less than $30,000 per year by 2019, the CBO said, while most of those making under $75,000 would be negatively affected by 2027. The update comes as the Senate pushes its version of tax-reform legislation, which could reportedly be up for a vote as early as Thursday. Senate Republicans have seen one defection from Sen. Ron Johnson (Wis.), and can only afford to lose one more GOP vote and still pass the legislation. [The Hill]
Economic Indicators & News
- U.S. new home sales surge in October, hitting a 10-year-high. The sales of new U.S. single-family homes unexpectedly rose to its highest level in 10 years. According to the Commerce Department on Monday, new home sales increased 6.2 percent to a seasonally adjusted annual rate of 685,000 units last month, the highest level since October 2007 and following September’s slightly downwardly revised sales pace of 645,000 units. New home sales have now risen for three straight months. Along with last month’s increase in homebuilding and sales of previously owned homes, the data could suggest that the housing market could be regaining momentum. [CNBC]