Senate Minority Whip Dick Durbin Richard (Dick) Joseph DurbinTumultuous court battle upends fight for Senate McConnell focuses on confirming judicial nominees with COVID-19 talks stalled Senate Republicans signal openness to working with Biden MORE (D-Ill.) said Sunday that Wall Street hates the Consumer Financial Protection Bureau (CFPB) “like the devil hates holy water.”

“It’s a watchdog agency,” he said, referring to the CFPB.

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“Wall Street hates it like the devil hates holy water. And they’re trying to put an end to it with Mr. Mulvaney stepping into Cordray’s spot,” Durbin added, referencing White House budget chief Mick Mulvaney Mick MulvaneyMick Mulvaney to start hedge fund Fauci says positive White House task force reports don't always match what he hears on the ground Bottom line MORE and former CFPB Director Richard Cordray.

The Trump administration has argued it is legally allowed to appoint a new head to the bureau now that Cordray has stepped down from his post, while the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act stipulates that the deputy director is to head the bureau if it does not have a permanent director.

President Trump on Friday appointed Mulvaney to serve as interim director after Cordray stepped down from his post.