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00:00INTERIM CHIEFS OF THE CONSUMER WATCHDOG AGENCY. THE CASE WILL BE DECIDED BY FEDERAL JUDGE TIMOTHY KELLY, WHO WAS APPOINTED BY FEDERAL -- BY PRESIDENT TRUMP. OUR CHIEF WASHINGTON CORRESPONDENT IS STANDING BY, KEVIN CIRILLI. TAKE IT AWAY. KEVIN: WE ARE JOINED BY SENATOR ELIZABETH WARREN. THANK YOU FOR BEING HERE. SO MUCH TO GET THROUGH. WE JUST HEARD FROM CFPB -- OMB DIRECTOR MICK MULVANEY, SAYING THAT HE HAS ISSUED A 30-DAY MORATORIUM ON NEW REGULATIONS FROM THE CFPB. DO HIS ACTIONS STAND? SENATOR WARREN: MY VIEW IS THERE IS AN ACTING DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU. IT ' S THE ONE THAT CONGRESS DESIGNATED IN THE STATUTE ITSELF. THE LAW SAYS THAT, IF THE DIRECTOR IS UNAVAILABLE, THAT WOULD BE RICH CORDRAY, UNAVAILABLE BECAUSE HE RESIGNED, THE DEPUTY DIRECTOR, THAT WOULD BE LEANDRA ENGLISH, AUTOMATICALLY BECOMES THE ACTING DIRECTOR. NOBODY NEEDS TO APPOINT HER. NOBODY NEEDS TO DO ANYTHING. THAT ' S WHAT CONGRESS WROTE INTO THE LAW, AND THAT ' S WHAT WAS SIGNED BY THE PRESIDENT. AND SO, THE ACTING DIRECTOR RIGHT NOW IS LEANDRA ENGLISH. KEVIN: BUT YOU HAVE A SITUATION WHERE ONE OF THE TWO CO-WRITERS ON DODD-FRANK SAYS HE AGREES WITH YOU. A PROMINENT ATTORNEY SAYS HE AGREES WITH YOU. BUT, SENATOR, CANDIDLY, THE ADMINISTRATION, THE PRESIDENT OF THE UNITED STATES, SAYS OTHERWISE. TO FOLKS OUTSIDE OF WASHINGTON, ALL THEY ARE LOOKING AT THIS, WHO SHOULD THEY BELIEVE? SENATOR WARREN: THE THING HAS GONE TO COURT NOW, BUT LET ' S BE CLEAR. THE PRESIDENT IS ALSO BOUNDED BY THE LAW, JUST LIKE EVERYONE ELSE. HE DOESN ' T GET TO MAKE IT UP AS HE GOES ALONG. HE HAS TO FOLLOW THE LAW, JUST LIKE EVERYONE ELSE DOES. KEVIN: EARLIER TODAY, YOU MET WITH LEANDRA ENGLISH, ALONG WITH SENATE MINORITY LEADER CHUCK SCHUMER. WOULD YOU MEET WITH DIRECTOR MULVANEY? SENATOR WARREN: IF DIRECTOR MULVANEY WANTS TO COME OVER AND TALK ABOUT THE WORK AT OMB, OF COURSE I WOULD BE GLAD TO MEET WITH HIM. KEVIN: WOULD YOU MEET WITH HIM ABOUT CFPB? SENATOR WARREN: I ' M NOT SURE IN WHAT CAPACITY HE WOULD BE HERE, BUT IF HE HAS IDEAS AND WANTS TO DISCUSS THEM, I HAVE NO PROBLEM. LEANDRA ENGLISH WAS HERE TODAY TO DISCUSS HER PLANS AS THE ACTING DIRECTOR OF THE CFPB. AND, LOOK, I THINK HER PLANS ARE EXACTLY RIGHT. LEANDRA IS SOMEBODY WHO IS NOT A POLITICAL PERSON. SHE IS SOMEONE WHO WAS AT THE AGENCY FROM ITS INCEPTION. SHE ' S BEEN THERE, MANAGING, HELPING GROW THE AGENCY. SHE HAS BEEN CHIEF OF STAFF FOR THE AGENCY. SHE HAS NOT BEEN THERE IN A POLITICAL POSITION. SHE HAS BEEN THERE ON BEHALF OF THE AMERICAN PEOPLE. SO, WHEN THAT AGENCY MANAGED TO FORCE BIG FINANCIAL INSTITUTIONS TO RETURN MORE THAN $12 BILLION DIRECTLY TO PEOPLE THEY CHEATED, WHEN IT HANDLED MORE THAN 1.2 MILLION COMPLAINTS, WHEN IT WENT AFTER WELLS FARGO AND OUTED THEM FOR CREATING FAKE ACCOUNTS, LEANDRA WAS THERE. LEANDRA IS THERE TO FIGHT FOR CONSUMERS. AND I THINK THAT ' S WHAT THE CONSUMER AGENCY NEEDS. KEVIN: ONE OF THE THINGS DIRECTOR MULVANEY SAID AT THE NEWS CONFERENCE WAS, HE DOESN ' T UNDERSTAND WHY THE CFPB DIDN ' T CATCH WELLS FARGO. IT ' S A CRITICISM WE ' VE HEARD FROM HOUSE REPUBLICANS FOR SEVERAL YEARS, AS YOU KNOW. WHAT ' S YOUR RESPONSE TO THAT? SENATOR WARREN: I WISH THE REPUBLICANS WOULD JUST GET STRAIGHT ON THEIR STORY, BECAUSE WHAT THEY ' VE SAID OVER AND OVER AND OVER IS, OH, THAT AGENCY IS JUST TOO TOUGH. IT MOVES TO AGGRESSIVELY. IT MOVES TOO FAST AGAINST THESE POOR, PITIFUL, GIANT FINANCIAL INSTITUTIONS. AND THEN WHEN THE AMERICAN PUBLIC GETS WIND OF WHAT WELLS FARGO DID AND THE INVESTIGATION THAT THE CFPB CONDUCTED INTO THIS, ALL OF A SUDDEN, THEY SAY, OH, WAIT A MINUTE, WE ARE ON THE OTHER SIDE OF THAT ARGUMENT. YOU SHOULD HAVE FOUND IT FASTER. YOU SHOULD HAVE BEEN MORE AGGRESSIVE. MY ANSWER IS, GIVE ME A BREAK. KEVIN: SHOULD LEANDRA ENGLISH SHOW UP FOR WORK TOMORROW AT THE CFPB? SENATOR WARREN: SURE. IT ' S HER JOB. KEVIN: PRESIDENT TRUMP WAS SPEAKING AT AN EVENT AT THE WHITE HOUSE, HONORÉ NATIVE AMERICANS, ONCE AGAIN ALLUDING TO YOU AS POCAHONTAS. WHAT ' S YOUR RESPONSE? SENATOR WARREN: THIS WAS AN EVENT THAT WAS TO HONOR WAR HEROES, TO HONOR PEOPLE WHO HAD PUT IT ALL ON THE LINE FOR AMERICA AND FOR AMERICA ' S ALLIES. TO HONOR PEOPLE WHO HAD SAVED COUNTLESS LIVES, BOTH OF AMERICANS AND OF OUR ALLIES AROUND THE WORLD. IT ' S AN HONORING CEREMONY, AND THAT DONALD TRUMP HAS TO GET IN A RACIST SLUR IS TRULY

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Sen. Warren Says Leandra English Is CFPB Acting Director

Sen. Elizabeth Warren, a Massachusetts Democrat, discusses the leadership showdown at the Consumer Financial Protection Bureau. She speaks with Bloomberg's Kevin Cirilli on "What'd You Miss?" (Source: Bloomberg)

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