Thursday, June 7, 2018

Trump Appointed Director Of The Consumer Financial Protection Bureau Fires The Entire Consumer Financial Protection Bureau's Advisory Council

Consumer Financial Protection Bureau acting director Mick Mulvaney has dismissed every single member of the agency’s Consumer Advisory Board.

The board was designed to help consumer groups work with the CFPB to identify problems facing Americans who are treated unfairly by financial firms.

The consumer bureau's policy associate director for external affairs informed the advisory board members of the dismissal on a Wednesday conference call telling the members that their terms were terminated and that they were not permitted to reapply.

Part of the rationale shared for the decision included cost-cutting measures despite the fact that several of the members offered to shoulder the cost for travel and incidentals in order to maintain the integrity of the forum.

Consumer Advisory Board members said the move, along with previous steps, signal the "destruction from within" of the CFPB to more closely align the bureau with business interests.

The "previous steps" the members accuse Mulvaney of include:

• Mulvaney's stated intention to shut down public access to a popular government database at the CFPB.

• Mulvaney's statement that he wanted to scale back the CFPB's role as a watchdog, the groups very purpose.

• Mulvaney's delay of a new payday lending regulation and dropping of an investigation into one payday lender that contributed to his campaign.

• In addition, when Mulvaney was in Congress he sponsored legislation to abolish the bureau.

That would explain why Trump gave him the job.

No comments:

Post a Comment