Trump Seeks to Undermine Consumer Protection Agency

Donald Trump’s unacceptable choice of Mick Mulvaney as acting director of the Consumer Finance Protection Bureau (CFPB) is not only unwise, it may also be illegal.

Our friends at Consumer Federation of America have more:

 

Today, Acting Director of the Consumer Financial Protection Bureau (CFPB), Leandra English, will begin working in that role, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, until a new Director is confirmed.

President Trump has asserted that he can fill the Acting Director role with White House Director of the Office of Management and Budget, Mick Mulvaney.

Rachel Weintraub, the Consumer Federation of America’s legislative director and general counsel made the following statement:

“The CFPB is an effective agency that has successfully worked to ensure a fair financial marketplace for consumers. The CFPB has worked for consumers every single day since its doors opened and has obtained $12 billion in refunds to 30 million Americans.”

“The actions by the White House are creating major market uncertainty, which will now be decided by the Court.”

“Regardless of the Court’s decision, the agency’s work on behalf of consumers must continue and vigorous enforcement of the law to hold bad actors accountable cannot be interrupted.”

“The President must now nominate a permanent Director who is confirmed by the Senate. Any credible nominee must uphold the independence of the CFPB, must work full time to ensure a fair financial marketplace for consumers, and must have a proven track record of working for American consumers.”

 

The Consumer Federation of America is an association of more than 250 non-profit consumer groups that, since 1968, has sought to advance the consumer interest through research, education, and advocacy.

For more on our consumer protection work, follow @TNCitizenAction

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