Donors Who Advise CFPB Are Getting Meetings with Bureau Through Trade Associations While Consumer Advocates Are Left Out in the Cold
WASHINGTON, D.C. – Over the past 24 hours, Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney has taken significant flackfor again cancelling a meeting of the bureau’s Consumer Advisory Board (CAB) at the last minute – a meeting required by law to take place at least twice a year. According to an analysis by Allied Progress, while Mulvaney has cancelled two CAB meetings, trade associations representing big banks and credit card companies that are also members of CAB and have contributed thousands in campaign cash to Mulvaney have received numerous meetings with him and his senior staff, while other members of CAB like academics and consumer advocates have been left out in the cold. In April, Mulvaney admitted that he gave more access to lobbyists who gave him more money when he was in Congress.
“Mick Mulvaney already told us he gives more access to lobbyists who give him money and now it seems that corrupt policy extends to legally-obligated meetings at the CFPB. If only the average consumer could write him a check with that many zeros, maybe then Mulvaney would feel compelled to follow the law, clear his calendar, and meet with members of the Consumer Advisory Board that represent actual consumers rather than special interests,” said Karl Frisch, executive director of Allied Progress.
He continued, “It’s time for President Trump to choose a CFPB director who will fulfill the bureau’s legal obligations and advance its consumer protection mission. Mick Mulvaney is only looking out for his friends on Wall Street that have given him tens of thousands of dollars in campaign cash. Consumers deserve a champion not a corporate shill.”
What You Need To Know
- Mulvaney and his team have shunned the Consumer Advisory Board, while embracing industry.While the CFPB under Mulvaney has cancelled in-person meetings and phone calls with the Consumer Advisory Board, Mulvaney and other senior CFPB staff have met with or spoken to the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Electronic Transactions Association, and the US Chamber of Commerce. [David Dayen, “MICK MULVANEY IS REQUIRED BY LAW TO MEET WITH HIS CONSUMER ADVISORY BOARD. BUT HE’S REFUSING, BOARD MEMBERS SAY,” The Intercept, 06/04/18; Mick Mulvaney Public Calendar, 03/01/17 and CFPB Two Week Look Ahead, March 4 – 17 and March 11-24, 2018]
- Banks and credit card companies represented on the CFPB Consumer Advisory Board heavily contributed to Mulvaney’s congressional campaigns.Mick Mulvaney has received $38,000 in campaign contributions from PNC, Citi, Discover Financial Services, and Mastercard, all of which are represented on the CFPB’s Consumer Advisory Board.[Consumer Advisory Board Member Biographies, Consumer Financial Protection Bureau, accessed 03/30/18; Search for 2016 Cycle Donations to Mick Mulvaney, Federal Elections Commission, accessed 06/05/18; Search for 2014 Cycle Donations to Mick Mulvaney, Federal Elections Commission, accessed 06/05/18]
- Trade Associations representing these same companies have received meetings and secured appearances from Mulvaney and his senior CFPB staff.Mick Mulvaney spoke at a meeting of the American Bankers Association and the US Chamber of Commerce. Brian Johnson has had engagements with the Consumer Bankers Association, the American Financial Services Association, and the Electronic Transactions Association. Emma Doyle also attended the meeting with the Consumer Bankers Association. PNC, Citi, Discover Financial Services, and Mastercard are members of one or more of the trade associations Mulvaney, Johnson and Doyle met with. [Mick Mulvaney Public Calendar, 03/01/17; CFPB Two Week Look Ahead, March 4 – 17 and March 11-24, 2018]; Political Contributions & Engagement, PNC, accessed 06/05/18; Political Activities Statement, Citi, March 2016; Political Disclosures, Discover, accessed 06/05/18; Political Activity Statement, Mastercard, accessed 06/05/18]
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