Mulvaney Asks Congress to Wield More Power Over CFPB
In a semi-annual report, Acting Director of the Consumer Financial Protection Bureau, Mick Mulvaney asked Congress to approve major rule changes he is proposing which include giving Congress power over the agency’s appropriations, and calls for an independent CFPB inspector general. Mulvaney acknowledges that many Members of Congress disagree with his proposal, but argues that the Bureau is far too powerful with far too little oversight as evidenced by the enactment of Dodd-Frank.
This announcement has been met with much opposition. Policy Director for the center on Regulation and Markets argued that Congress established the CFPB for the purpose of protecting consumers from abuses, they did not create the agency simply to create regulations for itself. He further argues that subjecting the CFPB to appropriations by Congress would only weaken oversight.
The CFPB is currently working on a proposed rule on debt collectors’ consumer disclosures and communications practices to include robocalls and robotexts as they were the agency’s Number 1 consumer complaint last year. There is also talk of potential changes to the federal mortgage disclosure requirements in the Truth in Lending Act.