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00:00OUR WASHINGTON CORRESPONDENT IS AN D.C. FOR THE PEOPLE THAT SHOW UP TO WORK TODAY, IT ' S A REALLY DIFFICULT SITUATION AND THEY ARE BEING TOLD BY THE OTHER NOT TO LISTEN TO THE OTHER. HOW IS THIS ALL PLAYING OUT? > > THAT ' S EXACTLY RIGHT. YOU HAVE TWO BOSSES WITH DIAMETRICALLY DIFFERENT POINTS OF VIEW WHEN IT COMES THE CONSUMER WATCHDOG AGENCY AND FEDERAL REGULATIONS. THE FINANCIAL INDUSTRY HAS DIRECTOR MULVANEY, BACK IN CONGRESS HE HAD PRETTY HARSH SIT -- HARSH THINGS TO SAY ABOUT THE CFPB, ATTEMPTING TO ELIMINATE IT. AND THEN YOU HAVE THE CHOICE -- CHOSEN CONTEST -- CHOSEN SUCCESSOR OF RICHARD CORDRAY. WITH MORE AGGRESSIVE WATCHDOG ACTIONS AND FINANCIAL INSTITUTIONS. RIGHT NOW YOU HAVE SOMETHING THAT NEEDS TO BE SOLVED BY THE COURTS, THEY ARE BASICALLY SAYING IN ONE CASE THAT THE RICHARD CORDRAY SUCCESSOR SHOULD TAKE THE LEAD IN THE OTHER CASES THE PRESIDENT HAS THE AUTHORITY TO CHOOSE THE NEXT PERSON ON AN INTERIM BASIS. DAVID: I CONFESS, I WAS A LAWYER AND THAT -- BLACKSTONE SAID THAT THE LAW. THE COMMUNICATIONS DIRECTOR HAS POSTED AN IMAGE ONLINE OF MR. MULVANEY, WHO IS APPARENTLY AT WORK, RUNNING THE CFPB. IF HE IN FACT GOES FORWARD, HERE WE HAVE HIM HARD AT WORK, IF HE CAN CONTINUE THROUGH THIS AND DO WHAT HE SAYS HE ' S GOING TO DO, IT BECOMES A MOOT POINT, DOESN ' T IT? TOLUSE: THAT DOES SEEM TO BE THE CASE. YOU HAVE HIM AT WORK, SENDING OUT MEMOS TO THE STAFF, TENDING THEM TO DISREGARD THE ANDHRA ENGLISH AND THE ACTIONS SHE ' S TAKING, POTENTIAL DIRECTIVES SHE MAY BE PUTTING FORWARD. YOU ALSO HAVE THE GENERAL COUNTS ARE -- COUNSEL THEIR SIDING WITH THE TRUMP ADMINISTRATION, SAYING THE PRESIDENT HAS THIS AUTHORITY. UNLESS A COURT RULING SORT OF COMES TO THE RESCUE, RICHARD CORDRAY AND HIS CHOSEN SUCCESSOR , IT APPEARS THE RAINS ARE BEING TAKEN BY DIRECTOR MULVANEY.

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Who Is Really Leading the CFPB?

Bloomberg's Toluse Olorunnipa discusses the current leadership showdown at the Consumer Financial Protection Bureau. He speaks on "Bloomberg Markets: Balance of Power." (Source: Bloomberg)

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