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Mulvaney supports CFPB in bipartisan commission



WASHINGTON – Deputy Director of the Consumer Finance Bureau expressed his support for transforming the agency into a commission, an idea that is firmly supported by the financial industry but has lost traction in Congress.

Mick Mulvaney,

a longtime CFPB critic who has taken steps to overtake the office since taking office in November said the change to a bipartisan commission from a single director would prevent "wild swings" in rules and policies that change to accompany in the administrations.

must have a rather run-down approach, "said Mr. Mulvaney, when he delivered a six-monthly report to CFPB before the House Financial Services Committee, and was a member of the Republican Party before joining the Trump administration.

Als Member of the House of Representatives, Mr. Mulvaney voted for several bills calling for the CFPB to become a commission

Deputy Randy Hultgren

(R., Ill.) If he still believed that a Commission "provides more security for market participants and consumers," Mr. Mulvaney said, "I still believe that and I was a co-sponsor of this bill while I was here "referring to one of the measures introduced over the years.

While an Obama appointed representative headed the agency, Republican MPs had pushed for a CFPB commission similar to the Federal Trade Commission or the Securities and Exchange Commission. The CFPB director had too much power. But when her party took control of the White House and Mr Mulvaney was appointed interim head, most of the Republican MPs lost interest in the Commission's idea ̵

1; including

Rep. Jeb Hensarling

of Texas, the influential chairman of the House Financial Panel.

In contrast, executives of the financial industry have been calling for a commission in recent months, fearing the sharp political changes after the change of government and a partisan struggle for CFPP leadership.

"What we've seen at CFPB since November is a pure Donnybrook," said Richard Hunt, president of the Consumer Bankers Association, a trading group. "What the banking industry desires is security and stability, which is why we pushed for the CFPB Commission."

Last week, more than 20 trade groups signed a letter expressing their support for the recent House bill would bring. The bill has four co-sponsors from both parties, but their chances of becoming law are low due to lack of support. The recent legislation passed by the Senate seeking to withdraw some Postcrisis financial regulations does not include any significant steps to restructure the CFPB. The house is expected to pass the bill in the next few months.

Mr. Mulvaney is due to appear on Thursday at the Senate Banking Committee, where he faces Senator Elizabeth Warren (D., Mass), key architect of CFPB and a leading critic of Mr. Mulvaney.

At the Wednesday session, Republicans and Democrats offered extremely different assessments of Mr. Mulvaney's performance.

Democrats in the House of Representatives sharply criticized his term and focused on his cuts in enforcement measures. After dozens of cases annually under

Richard Cordray,

The former director appointed by Obama, the CFPB, has not filed a single enforcement action since Mr Mulvaney took office. Although Mr Mulvaney acknowledges that he did not initiate any new measures, he emphasizes the agency 's enforcement and monitoring work Englisch: www.socialistgroup.eu/gpes/sessiond…04&place=STR assuming he investigates around 100 cases and continues to hear 25 court cases taken by the previous leadership. "We still go for bad actors," he said.

He declined to comment on the status of two of the most important cases initiated by his predecessor

Wells Fargo

& Co. and

Equifax
Inc.

"I am very concerned about the actions of Mr. Mulvaney," said MEP Maxine Waters of California, the highest-ranking Democrat of the House of Representatives. "He has taken a series of measures that weaken the Agency's ability to fulfill its important role and help the predatory actors it oversees."

She and several other Democrats began by asking that they believed in the appointment of Mr Mulvaney by the President

Donald Trump

was illegal. Leandra English, a Deputy Director of CFPB appointed by Cordray, has sued for being the legitimate acting director.

The Republicans warmly welcomed Mr. Mulvaney, her former colleague.

Bureau retains all these unrestrained powers and remains inexplicable under the acting director Mulvaney, there is one distinction: Director Cordray has often acted unlawfully; Acting Director Mulvaney is acting lawfully. What a welcome change, "said Jeb Hensarling (R. Texas), chair of the committee.

During the meeting, Mr. Mulvaney emphasized his efforts to revise the agency to create greater transparency and accountability for consumers and consumers businesses He urged legislators to take legislative action to empower Congress to approve the Office's budget and give the President the power to remove the CFPB Director at will. [19659004] "The office is crying for reform," Mr. Mulvaney said, "There are better ways to protect consumers than what we do today."

Write to Yuka Hayashi under yuka [email protected]


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