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The group that advises gov't Watchdog is being dissolved, it says

NEW YORK (AP) – Members of a group of outside experts required by law to meet with the Consumer Protection Bureau twice a year said Wednesday that CFPB chief Mick Mulvaney's group was disbanded.

Office officials told the 25 members of the Consumer Advisory Board Wednesday morning that they will be replaced and the board will be reassembled, according to two of the board members who were in a morning conference call. An email in the name of Mulvaney was also sent to the board members to let them know that their services were no longer needed.

"Everyone on the board has been fired," said Judith Fox, a professor at Notre Dame Law School For three years, the board was set up

The Obama administration's advisory group acted as a group of experts with whom the CFPB Officials could discuss upcoming trends or proposed regulations. It is basically the only group of external experts with whom the CFPB Director has to interact by law.

The board will be reassembled in the fall, Fox said. None of the current board members can apply. Members of two other bodies, which also provide external expertise, would also be replaced.

For some weeks there have been rumors about the fate of the Consumer Advisory Council. Under the law created by the CFPB, the board must meet twice a year. But the meetings were repeatedly canceled under Mulvaney. Under Obama appointed Richard Cordray, the board would meet two or three times a year for at least a few days. Most Mulvaney members, who, according to board members, were ever required to do so, were a 20-minute call.

An originally scheduled for Wednesday and Thursday this week two-day meeting was canceled.


Ken Sweet covers banks and the Consumer Protection Bureau for the Associated Press. Follow him on Twitter at @kensweet.

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