washington u.s. president donald trump designate white house budget director mick mulvaney act director consumer financial protection bureau permanent director nominate confirm white house say friday action come hours richard cordray submit formal resignation name deputy director replacement set stage political legal battle regulator leadership president look forward see director mulvaney take common sense approach lead cfpb dedicate staff approach empower consumers make financial decisions facilitate investment communities white house say statement democratic lawmakers eager preserve regulator long possible republicans want put place new leadership chart drastically different course six-year-old bureau police consumer financial market draft aggressive rule curb products like payday loan issue multimillion dollar fin large financial institutions like well fargo republicans consistently complain agency powerful lack oversight congress operations eager take control mulvaney criticize bureau past say look forward work expert personnel within agency identify bureau transition effective mission become accountable taxpayer succession plan never test cordray first full-time director cordray previously announce plan resign end november statement staff say leandra english cfpb chief staff name deputy director would take act director agency upon exit however white house already say plan name interim leadership regulator trump push ease regulations businesses include financial sector stance seemingly odds cordray aggressive regulatory approach early month white house deputy press secretary raj shah say administration announce act director president choice replace mr cordray appropriate time compete theories washington name cordray replacement democrats point language dodd-frank law create cfpb stipulate deputy director replace director leave others say separate law govern federal vacancies give trump power name someone elsewhere administration role temporarily white house identify full-time nominee would confirm senate trump name interim consumer agency head likely spark showdown