Consumer Finance Track Senate Banking Committee Probes Mulvaney’s Leadership in the CFPB

Consumer Finance Track Senate Banking Committee Probes Mulvaney’s Leadership in the CFPB

CFPB, Federal Agencies, State Agencies, and Attorneys General

O, Mick Mulvaney, the Acting Director associated with customer Financial Protection Bureau (Bureau) testified prior to the Senate Committee on Banking, Housing, and Urban Affairs concerning the Bureau’s Semi-Annual are accountable to Congress. The Senate Hearing comes your day after Democrats within the House Financial solutions Committee questioned Mulvaney about their leadership during the Bureau. A duplicate of his written testimony will be here.

During the hearing, Mulvaney stuck to your theme of Bureau accountability—an problem raised in the penned remarks and Semi-Annual Report—and fielded concerns on subjects like the Bureau’s part of protecting customers, payday financing, information safety, governmental favoritism, and constitutionality of this Agency:

  • Increased Congressional Oversight. Through the entire hearing, Mulvaney stressed their tips for greater oversight to keep the Bureau accountable. “I don’t believe that any manager of every bureaucracy has ever arrive at you and stated please simply just simply just take my energy away, but that’s the thing I have always been doing, also to the degree you can certainly do that, i do believe we shall all be well offered because of it.” To illustrate their point, Mulvaney quipped in their opening remarks that Dodd-Frank simply needed him to “appear” before Congress, not to respond to any queries. Later on, in exchanges with Republican senators, Mulvaney explained that Congress presently could do absolutely nothing to him while the Acting Director: “You will make me look bad and that’s about any of it. You can’t touch me personally statutorily. . . . Don’t depend on anyone. Fix the framework.” In accordance with Ranking Member Sherrod Brown (D-OH), but, Mulvaney “is hoping that when he does a poor sufficient work operating the CFPB, Congress will eliminate CFPB’s ability to safeguard customers. Continue reading “Consumer Finance Track Senate Banking Committee Probes Mulvaney’s Leadership in the CFPB”