Mulvaney proposes congressional oversight of consumer bureau
The head of the Consumer Financial Protection Bureau formally called on Congress to sharply reduce his agency's authority.
The progressive consumer advocacy group Public Citizen said Mr. Mulvaney's proposals would thrust "a knife through the heart" of CFPB's mandate to protect consumers from financial industry abuses. While the CFPB is now funded through a special appropriation from the Federal Reserve, Mulvaney suggests it instead be funded through the regular congressional budget process.
Instead of receiving money directly from the Federal Reserve, a cash flow created to insulate the bureau from political interference, Mulvaney wants the funding to go through the congressional appropriations process.
Last month, Representative Jeb Hensarling of Texas, the Republican chairman of the House Financial Services Committee and a longtime proponent for curbing the agency's power, said he was willing to get behind a financial regulation bill that left the consumer bureau untouched. Mulvaney, along with many Republican critics of the agency, have said the autonomy gives the watchdog too much power with too little congressional oversight.
Third, he will ask for a legislative change that guarantees that the director answers to the president. Under the law, the director can only be fired by the President for cause. "By structuring the bureau the way it has, Congress established an agency primed to ignore due process and abandon the rule of law in favor of bureaucratic fiat and administrative absolutism". Its sole mission is protection of consumers against overly aggressive and abusive lending practices.
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Mulvaney, who as a lawmaker called the bureau a "joke ... in a sad, sick kind of way", has been working to remake the agency as its acting director. It's first director, appointed by President Obama, was Richard Cordray, who as the attorney general of OH, had been active in protecting consumers' rights. Because of that, Mulvaney's proposal to transform the agency didn't surprise most consumer activists.
Before joining the Trump administration, White House budget director Mick Mulvaney made no secret of his dislike for the Consumer Financial Protection Bureau (CFPB), the agency created in the wake of the 2008 financial crisis to better supervise Wall Street. She said Mulvaney is simply pushing legislation that he supported as a Congressman to gut the consumer bureau.
"The bureau is far too powerful, with previous little oversight of its activities", Mick Mulvaney - who has been an outspoken critic of the agency since before President Donald Trump appointed him as its acting director past year - said in submitting his first report to Congress.
Mulvaney's tenure at the CFPB has been the subject of continued battles.
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