Mulvaney’s CFPB Asks Wall Street to Help Rewrite Rules Protecting Consumers from Its Abuse

Mulvaney Says He’s Particularly Interested in How to “Achieve Meaningful Burden Reduction” For the Very Companies the CFPB Should Be Protecting Consumers From

WASHINGTON, D.C. – Today, Mick Mulvaney’s CFPB issued a “Request for Information (RFI) about the Bureau’s enforcement processes” noting it was particularly interested in how to “achieve meaningful burden reduction” for the very companies the CFPB should be holding accountable. In short, Mulvaney is continuing his push to reverse the Bureau’s consumer protection mission by calling on big banks, predatory lenders, and other Wall Street special interests to help him rewrite the CFPB’s enforcement rules and procedures and make it much harder for the Bureau to hold industry accountable.

“This is essentially like asking the fox, in what order it would like to eat the hens? It is a troubling move from a man who is clearly hell bent on dismantling the agency he has been tasked with overseeing when he should be fulfilling its mission to protect consumers and hold bad financial actors accountable,” said Karl Frisch, executive director of Allied Progress.

He continued, “Mulvaney has taken $1.28 million from industries that are regulated by the Consumer Financial Protection Bureau. These same industries have spent tens of millions of dollars trying to destroy the CFPB from day one. Now, like a parent appeasing a spoiled child, Mulvaney is asking for industry’s wish list – a development that is, frankly, insane.

“This is a conflict to end all conflicts and makes clear that Mulvaney can’t be trusted. It is time for President Trump to nominate someone free of conflicts who will fight to protect consumers, not Wall Street special interests and financial predators,” he concluded.

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