Mulvaney’s CFPB Continues To Abandon The People It’s Supposed To Protect
June 15, 2018
Mick Mulvaney’s Consumer Financial Protection Bureau continues to distance itself from its mission of protecting consumers. Take a look:
Mulvaney continued his campaign this week to deemphasize the “consumer” part of the bureau’s mission by changing its signage.
Wall Street Journal: “He has also made symbolic changes to signify a different approach to enforcing consumer protection laws—including insisting the agency should be called the Bureau of Consumer Financial Protection, rather than the CFPB. ‘I’ve been trying to change the image of this place in terms of regulation and enforcement,’ said Mr. Mulvaney. Just this week, the agency unveiled the new ‘BCFP’ logo in its main office lobby.”
Washington Post: “Mulvaney’s shuffling of a few words in the agency’s name has a more ominous meaning for many consumer advocates, who have raised alarms about his leadership. By putting ‘bureau’ instead of ‘consumer’ first in the name, the agency sounds less like a fighter for consumer interests and more like a bureaucracy, they say.”
As reports surfaced about this misuse of taxpayers dollars for “frivolous decor,” Mulvaney pushed for a 20 percent cut to the CFPB budget.
Wall Street Journal: “The Consumer Financial Protection Bureau’s acting head has asked his staff to draw up plans that would cut the agency’s fiscal 2019 spending to 2015 levels, the latest attempt by Mick Mulvaney to reduce the bureau’s scope. ‘I’ve asked them to run through the experiment of reducing spending by 20%,’ to under $490 million, for the year ending next September, Mr. Mulvaney told reporters Tuesday.”
Huffington Post: “The 1,395 Dumbest Dollars Mick Mulvaney Spent Decorating His Office.”
Despite a request from Mulvaney’s CFPB and industry groups, a federal judge this week stymied their efforts to delay payday lending regulations as they work to rewrite them.
Bloomberg: “The Consumer Financial Protection Bureau’s payday lending regulations will take effect next year despite a request from the bureau and industry groups to delay its effective date while the rule is reworked. Judge Lee Yeakel of the U.S. District Court for the Western District of Texas on June 12 rejected a request from the CFPB, the Community Financial Services Association of America, and the Community Service Alliance of Texas to stay the effective date until 445 days after a new version of the rule is completed.”