WASHINGTON, D.C. – Today, following news Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney has disbanded the legally required CFPB Consumer Advisory Board (CAB), Allied Progress released the following statement:
“When push comes to shove, Mick Mulvaney will always stand up for the powerful Wall Street special interests that have had his back. He’ll burry his head in the sand so he doesn’t have to hear the voices of consumers, experts, and those who want him to fulfill the mission of the CFPB,” said Karl Frisch, executive director of Allied Progress, a consumer advocacy organization.
He continued, “Rather than putting the years of knowledge and experience of this legally required Consumer Advisory Board to work on behalf of consumers, Mulvaney is thumbing his nose at the law. For someone who claims to be so passionate about following the statutes as written, when it comes to the CFPB, it seems he’s reading Cliffs Notes supplied by Wall Street.”
“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 Wall Street friends that have showered him with more than a million dollars in campaign cash over the years. Consumers deserve a champion not a corporate shill,” he concluded.
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]
# # #