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06/08/2018
Mulvaney Ousts 25-Member CFPB Advisory Board
PYMNTS.com
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has ousted the 25 members of the agency’s Consumer Advisory Board.
According to CNN, the board was told on a conference call Wednesday (June 6) that it would not meet again until new members are appointed.
In addition, members were initially told that they would not be allowed to reapply — but it was later suggested that they could do so in a few years.
The board includes experts on predatory lending, fair housing, legal aid and community development.
While the director of the bureau is required by law to meet twice a year with the panel, Mulvaney had canceled two previously scheduled meetings.
“This is what happens when you put someone in charge of an agency they think shouldn’t exist,” Democratic Senator Elizabeth Warren of Massachusetts said in a statement. “Mick Mulvaney has no intention of putting consumers above financial firms that cheat them.”
The CFPB insisted nobody had been fired, but many see it as another way to weaken the agency, which was formed after the financial crisis of 2008.
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