Recently I wrote about the changing mission of the CFPB from consumer-oriented to business-oriented under acting director Mick Mulvaney. The agency is having such an identity crisis at the moment it is known by two names, the CFPB and BCFP.
Do You Have a Question You'd Like Steve to Answer? Click Here.
American Banker is reporting the further castration of the CFPB consumer mission with the new advisory board policies.
In the past, the CFPB sought debt and finance advisors from both the consumer and business side to come together and provide advice and guidance from the front lines.
According to the American Banker, all previous 25 volunteer consumer advisory board members were fired and the board was reconfigured to only six members who “will have no formal decision-making role and no access to confidential supervisory or other confidential information.”
Senate Democrats sent a letter to Mulvaney and said, “By dismissing the [advisory board], the CFPB is deliberately rejecting statutorily required advice from qualified professionals who are volunteering their services to the American public, with no credible explanation as to why the present CAB members are not fulfilling their responsibilities.”
In the past year, Mulvaney also sought to stop the public access to the CFPB complaint database. Whatever is happening at the new BCFP is happening in the shadows. It’s almost like someone is building a wall around it to stop consumers from seeing what is going on and get the protection they are legally entitled to get.
The American Banker seems to support this shady theory when they say, “Mulvaney said the boards were fired because they were too big and he wanted meetings held in private because he feared information would leak to the media.”
Apparently what happens at the BCFP stays at the BCFP.