This morning, the law firm of Emery Celli Brinckerhoff & Abady LLP (ECBA) filed an emergency motion in federal court on behalf of the Lower East Side People’s Federal Credit Union to remove Michael Mulvaney as Acting Director of the Consumer Financial Protection Bureau (CFPB).
The case challenges President Trump’s recent, illegal takeover of the CFPB through his White House employee, Mr. Mulvaney.
“We believe strongly that the CFPB must be an independent agency, and the succession process as outlined in the law is the only way to ensure that independence,” said Linda Levy, CEO of the Credit Union.
“Donald Trump’s takeover of the CFPB is a naked, illegal power grab,” said Ilann M. Maazel, a partner at ECBA, and lead counsel for the Credit Union. “We are asking the court to end the regulatory chaos and end Mr. Mulvaney’s tenure before he destroys the agency completely.”
“Mr. Mulvaney is gutting the CFPB every day he is permitted to remain at its helm. The CFPB must be able to do its job of holding financial institutions accountable, free from political meddling,” said Debra Greenberger, a partner at ECBA, and counsel for the Credit Union.
The Credit Union is a not-for-profit, federally-regulated financial cooperative owned by its approximately 8,500 members and dedicated to providing high-quality financial services and community development investments in low income, immigrant and other underserved communities.
The original federal complaint can be found here.