Of all the cases of economic espionage charged by the DOJ's National Security Division since 2012, more than 80% of them implicated China.World Politicsread more
"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.World Economyread more
Cryptocurrency fans will hope the futures contracts, which are federally regulated, can provide some much-needed legitimacy to bitcoin.Cryptocurrencyread more
Despite mixed fan and critic reactions to the final season of "Game of Thrones," the eight-season epic took home the top prize in the drama category at the Emmy Awards on...Entertainmentread more
There are alternative financial centers and investors can turn to Singapore, Tokyo or Shanghai if Hong Kong doesn't "shape up," says the founder and chairman of Citic Capital.Asia Economyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Tensions between South Korea and Japan may ultimately disrupt the high-end tech sectors, says Heenam Choi, CEO at South Korea's sovereign wealth fund.Traderead more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
U.S. President Donald Trump's national security advisor said on Sunday that White House Asia policy adviser Matt Pottinger would become his top deputy.Politicsread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
As politicians battle over who is now in charge at the Consumer Financial Protection Bureau, some people might wonder what the agency is, what it does and why it's at the center of debate in Washington.
The consumer watchdog and its former Director Richard Cordray have been for years. Generally speaking, Democrats support the agency and its goal of protecting consumers, while Republicans say its structure, funding and lack of oversight have resulted in government overreach.
This latest disagreement centers on who has the legal authority to lead the CFPB. On Friday, Cordray announced he was stepping down that day, and appointed a deputy director to act as interim head: Leandra English, previously his chief of staff. But shortly after Cordray's statement, President Donald Trump announced that his budget director, Mick Mulvaney, will serve in the acting CFPB director role.
Over the weekend, English filed suit in U.S. District Court seeking to stop Mulvaney from taking over. Despite that legal challenge, Mulvaney showed up at the agency Monday morning to start his new job.
The brouhaha could threaten the CFPB's operations, said Alan Kaplinsky, a partner at national law firm Ballard Spahr.
"It will be chaotic at [the agency] until the court decides who is rightfully entitled to be the acting director," Kaplinsky said. "I think things will largely grind to a halt, particularly with respect to their rule-making and enforcement initiatives."
As the legal battle unfolds, here's a little bit about the embattled CFPB.
The agency was created as part of the Dodd-Frank Act of 2010, a Wall Street reform bill passed in the wake of the financial crisis that led to the Great Recession. Unlike many other federal agencies, the bureau was granted broad authority and independence. Its mission includes protecting consumers from unfair, deceptive or abusive practices and taking action against companies that break the law.
The Dodd-Frank bill authorizes the president to name a director, who serves a five-year term and cannot be fired at will. (Cordray, who was appointed by President Barack Obama, stepped down eight months ahead of the end of his term.) The agency is funded through the Federal Reserve, which means Congress doesn't get to weigh in on its budget.
Since 2011, the CFPB has received more than 1.2 million consumer complaints about their dealings with financial firms. It has returned nearly $12 billion to 29 million people wronged by financial institutions, including credit card companies and banks. Most of the complaints received by the agency relate to debt collection (27 percent) and mortgages (23 percent).
Although Congress is excluded from weighing in on much of the functions of the agency, lawmakers have been able to affect the bureau's actions through legislative measures. Earlier this year, after the consumer bureau issued a regulation banning mandatory arbitration clauses from consumer agreements, it through the use of the Congressional Review Act.
More from Personal Finance: