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Financial Services Law Insights and Observations

Mulvaney requests more oversight and accountability for the Bureau in semi-annual report to Congress

Federal Issues CFPB Succession Enforcement Congress CFPB

Federal Issues

On April 2, the CFPB issued its semi-annual report to Congress covering the Bureau’s work from April 1, 2017 to September 30, 2017. The report details, among other things, problems faced by consumers with regard to consumer financial products or services; significant rules and orders adopted by the Bureau; and various supervisory and enforcement actions prior to Mick Mulvaney’s appointment as acting director. Most notably, the report includes an opening letter from Mulvaney, which requests Congress make changes to the law to “establish meaningful accountability” for the Bureau which is “far too powerful.” Specifically, Mulvaney requests four changes (i) subject the Bureau to Congressional appropriations; (ii) require Congressional approval for major rules; (iii) make the director accountable to the President’s exercise of executive authority; and (iv) create an independent Inspector General for the agency. Mulvaney writes that the cycle of Congressional frustration with the CFPB will repeat “ad infinitum unless Congress acts to make [the Bureau] accountable to the American people.”

Mulvaney is set to testify on April 11 before the full House Financial Services Committee regarding the Bureau’s semi-annual report. As he notes in his letter, he intends to discuss his recommendations regarding the Bureau’s oversight at the hearing.

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