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Mulvaney Moves To End Independence of CFPB

by Countable | Updated on 4.3.18

What’s the story?

Mick Mulvaney, head of the Consumer Financial Protection Bureau (CFPB), has long been an outspoken critic of the consumer agency, which was created by the Dodd-Frank Act following the Great Recession. Monday he presented a report to Congress detailing the multiple ways he seeks to end the CFPB’s independence, and curtail its powers.

Mulvaney stated that the CFPB is "far too powerful, and with precious little oversight of its activities". To fix this he proposed four remedies:

  • Fund the CFPB through Congressional appropriations (it is currently funded through the Federal Reserve, so is not subject to partisan budget wrangling)

  • Require legislative approval for all major CFPB rules (again, making rules subject to partisan disagreements and political swings in Congress)

  • Ensure that the Director answers to the President in the exercise of executive authority (currently the Director can only be removed for cause, and not just because the president wants to)

  • Create an Inspector General for the Bureau

Who supports Mulvaney’s recommendations, and who opposes them?

  • The banking and financial services industries, which are the subject of much of the CFPB’s actions, are elated at the recommendations.

  • Consumer groups are not.

  • To enact the recommendations would require legislation capable of garnering 60 votes in the Senate, which is unlikely. Mulvaney will testify in front of the Senate Banking Committee next week. There is likely to be a heated showdown between Mulvaney and committee member, Sen. Elizabeth Warren (D-MA), who was instrumental in the founding of the CFPB.

What do you think?

Do you support Mulvaney’s attempts to rein in the CFPB? Do you support some of his recommendations and not others? How would you change them? What do you think would happen if Congress was able to enact these recommendations?

Tell us in the comments what you think, then use the Take Action button to tell your reps!

— Asha Sanaker

(Photo Credit: Gage Skidmore via Flickr / Creative Commons)

Countable

Written by Countable

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(78)
  • IllWill
    04/03/2018
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    Mulvaney is the head of an organization that he doesn’t even believe should exist. How exactly does that make sense? These recommendations will only work to tie the hands of the CFPB and will put millions of consumers at risk from financial predators. And that’s exactly what this cretin wants.

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  • Chickie
    04/03/2018
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    Created for consumer protection, this agency must remain as is! Politics should not be involved. Which is exactly what will happen with Mulvaney’s recommendations. A lifetime Republican politician, Mulvaney (as his other appointees), is an extension of #45. Mulvaney does not appreciated the concept of compromise. It’s his way or the highway. Another lots of money guy, Mulvaney mirrors #45 in many ways, including in not paying bills and not paying taxes. How is it the House/Senate approved this guy’s appointment? Was it so individual agenda’s could be favored? Stop playing the party line game. The citizens of the US need y’all to find your backbone!

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  • Hiro9
    04/03/2018
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    The CFPB was created to protect the average working American from the corrupt practices of financial institutions in response to the 2008 crash. So of course corporate banking shills want to undermine and ultimately destroy it.

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  • Aaron
    04/03/2018
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    I oppose this industry funded gambit in all its forms. Mulvaney is an industry lackey and is not to be taken seriously when it comes to the serious matter of consumer financial protection.

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  • Robert
    04/03/2018
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    What moron put the fox in charge of this hen house? Oh yeah, that would be the ultimate moron, with the approval of the corporate whores in the Senate. Time for all of them to go, and yesterday would not be soon enough. Mulaney is not attempting to “rein in” the CFPB, he’s trying to castrate it.

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  • J. scott
    04/03/2018
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    This needs to stop just another of the draconian measures taken by this administration that will ultimately prove highly destructive ranging from consumer protection, to environmental protection, to federal land management, and federal banking regulations- all aimed at enrichment of corporations and the one percent at the expense of the middle class that continues to plummet. The only thing trickling down is low wages and continued hard times for the folks this Administration says it will help. All lies and corruption for the rich.

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  • Jona
    04/03/2018
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    One after another, erosion of agencies that protect the common guy. Reps have to GO in Nov!

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  • BeStrong
    04/03/2018
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    Mulvaney, Pruitt, Zinke...need to GO. No consumer protections? Are the Rich, rich enough yet? This age of Trump is happening in Dog Years. #Vote2018 #Vote2020

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  • Gerald
    04/03/2018
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    Of course the agency needs to remain. The fact Wall Street wants it neutered so badly means it is doing its job. What a bunch of corporate whores the Republicans and Trump have become. Let’s do away with the drug administration next and trust that pharmaceuticals can manage themselves and not kill us for profit.

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  • Karen
    04/03/2018
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    There is not one agency in this Administration that feels they are responsible for the well-being of everyday Americans. They side with the 1% at the expense of the 99% of citizens each and every time. All I can think is that the GOP wants to be dissolved and they are trying to get as much additional wealth as they can before the rest of us stop them

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  • William
    04/03/2018
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    Trump and his cronies are clearly out to destroy what remains of our democracy AND OUR CONGRESSIONAL REPRESENTATIVES ARE SIMPLY LETTING HIM DO IT - AMERICA IS UNDER ATTACK BY RIGHT WING AUTOCRATIC FASCIST!!! if you want to live under fascist oppression go somewhere else - this is AMERICA AND WE WILL FIGHT FOR OUR FREEDOM!!

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  • Fran
    04/03/2018
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    Mulvaney is not on the consumers side and should be removed. An individual consumer has no other advocate. Don’t take this away.

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  • Anna
    04/03/2018
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    Anything to fuck over the people while they shove money in their pockets! This faux administration has got to go and fast!

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  • RadicalModerate
    04/03/2018
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    Ultra capitalist extremists have bought the White House, a sound investment in there financial terrorism agenda.

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  • OldTimer
    04/03/2018
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    No government agency should be without checks and balances. This one is no different.

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  • Deirdre
    04/03/2018
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    Wow! Just wow! Unbelievable this is so for banks and big corporations and wealthy and not for the consumer. I just can’t believe what is happening to my country.

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  • Milan
    04/03/2018
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    Trump and his cronies need to go - without regulation we have the wild Wild West - with people like this administration undermining democracy and scapegoating everyone but themselves for societies issues

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  • Kelly
    04/03/2018
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    this action is an absolute hit job on the middle class. They want to take all the regulations away so that the banks can screw the middle class over like they did in 2008 with mortgages and many other horrendous banking policies. The board was to protect us. Trump already put into play that people who are wronged by banking institutions can no longer file class action suits against them to get justice.Once again Trump and his administration want to do nothing but get richer on the backs of the little people and make a mockery out of our democracy. Do not let this happen!!

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  • Loretta
    04/03/2018
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    Please move to remove Mr Mulvaney from office. It is crystal clear that he is not on the side of the Consumer, but rather on the side of The dictator Trump and the dismantling of our Democracy. Please begin impeachment proceedings ASAP.

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  • Andrew
    04/03/2018
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    DITCH MULVANEY!! REMOVE HIM FOR CAUSE!! HIS MISSION IS TO OPPOSE THE CFPN!!!

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