Mulvaney: Using Power of CFPB to Hold Wall Street Special Interests Accountable Puts Him in a “Very Dangerous Position”

CFPB’s “Acting Director” Took $1.3 Million from CFPB-Regulated Industries – Now He’s Worried about the “Very Dangerous Position” He’d Find Himself in If He Did His Job


WASHINGTON, D.C. – Today, Mick Mulvaney reportedly told a gathering of the Credit Union National Association (CUNA) “that he is one of the most powerful people in Washington and in a “very dangerous position'” as acting director of the Consumer Financial Protection Bureau (CFPB). CUNA, a special interest trade association, is run by former Congressman Jim Nussle. Like Mulvaney, Nussle took more than $1 million from industries now regulated by the CFPB when he was in Congress.

It’s not surprising that Mulvaney would think that doing the important work of the CFPB to hold big banks, predatory lenders and other Wall Street special interests accountable would put him in a ‘very dangerous position.’ I have no doubt it would jeopardize his relationship with CFPB-regulated industries which showered him with more than $1.3 million during his time in Congress,” said Karl Frisch, executive director of the consumer watchdog organization Allied Progress.

He continued, “Mulvaney has made it clear that he has no intention of fulfilling the mission of the CFPB to hold the financial industry accountable when they screw over every day consumers. He should step aside and let President Trump select a compromise nominee who will do right by consumers — someone who can earn the support of Republicans and Democrats in the Senate.”

BACKGROUND:

  • Mulvaney Thinks He’s in a “Very Dangerous Position as CFPB “Acting Director.” Mulvaney told credit union executives at the CUNA Government Affairs Conference “that he is one of the most powerful people in Washington and in a ‘very dangerous position.'” He said the CFPB, under previous leadership, did “‘awful things.'” [Tweet by Ian McKendry, 02/27/18.]
  • Mulvaney is Obsessed with Sen. Warren’s Support for the CFPB. Mulvaney told credit union executives at the CUNA Government Affairs Conference that he is “acting director of the CFPB, something that keeps Elizabeth Warren up at night.” [Tweet by Frank J. Diekmann, 02/27/18.]
  • Credit Union Executives Told Trump They Support Mulvaney Scaling Back the CFPB’s Ability to Hold Industry Accountable. Credit union executives told Trump that “they support recent actions by” Mulvaney, who “has dramatically scaled back the CFPB’s” efforts to hold financial institutions accountable. [Ian McKendry, “Credit union execs endorse CFPB changes in Trump meeting,” American Banker, 02/26/18.]
  • Like Mulvaney, CUNA President & CEO Jim Nussle Has Repeatedly Attacked the CFPB. He Has Also Taken Nearly $1.5 Million from Key Actors in the Financial Sector, Which Is Now Regulated by the CFPB. His second largest donor was the American Bankers Association. [Open Secrets Search for Jim Nussle, Center for Responsive Politics, accessed 10/23/17; Open Secrets Search for Jim Nussle, Center for Responsive Politics, accessed 10/23/17.]
  • Mulvaney Has Taken in More than $1.28 Million from Key Actors in the Financial Sector, Which Is Regulated by the CFPB. This financial sector was by far Mulvaney’s highest-contributing sector. [Open Secrets Search for Mick Mulvaney, Center for Responsive Politics, accessed 11/16/17.]

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