Mulvaney Fires Entire CFPB Advisory Board

On June 4, 2018, several members of the Consumer Advisory Board came forward to say that since taking over, Mick Mulvaney has been canceling required meetings with the board. Two in-person meetings and all but one conference call were cancelled. 

The most recent in-person meeting was cancelled with no notice to CAB members; they only found out when attempting to coordinate travel arrangements with the CFBP.  The only conference call with the CAB that has been held since Mulvaney’s appointment was scheduled to last a hour. Mulvaney cut it off after 20 minutes.

Under Dodd-Frank, the CFPB is required to meet with the CAB at least twice per year. Since Mulvaney took over, there has been only that one brief conference call. Mulvaney has also avoided all required meetings with the CFPB’s other three advisory boards. (Academic Research Council. Community Bank Advisory Council, and Credit Union Advisory Council.)

On June 6, 2018, Mulvaney notified the entire CAB that they were fired. The board would be redesigned by fall, and no member of the previous board would be allowed to apply for a position on the new board.  At the same time, he also fired all members of two of the other advisory boards: the Community Bank Advisory Council and the Credit Union Advisory Council.

For comparison, Cordray and his staff met with the CAB three times per year, in two-day blocks. Cordray or a member of his senior staff were present at all sessions.

(Doing a little bit of catch-up on CFPB news.)

For more information:

Mick Mulvaney is Required By Law to Meet With His Consumer Advisory Board, But He’s Refusing, Board Members Say (The Intercept, 4 Jun 2018)

Mick Mulvaney fires all 25 members of consumer watchdog’s advisory board (The Washington Post, 6 Jun 2018)

The Consumer Financial Protection Bureau

The CFPB Is Under Attack

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