Power struggle at Consumer Financial Protection Bureau drew concern from mortgage industry

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Can a castle have two rulers? Probably not, and neither can the CFPB.

After Richard Cordray’s mid-November resignation, the real estate industry watched with fascination as White House budget chief Mick Mulvaney sought to wrest power from the agency’s acting director.

Donuts in hand, Mulvaney reported for duty that Monday morning. He sent a missive introducing himself to the banking industry regulator’s 1,600 employees after its acting director Leandra English sent her own office-wide email.

Citing separate, conflicting federal statutes over the weekend, Mulvaney and English both claim to be the rightful director of the agency, and English filed a lawsuit to block the appointment.