Mulvaney Fires Consumer Advisory Board Members

Jun 06, 2018

The 25 members of the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board have been fired by the agency’s Acting Director, Mick Mulvaney.

According to a Washington Post report, the Board’s members received an e-mail notification today that their service was being terminated.

“Your participation to date reflects a true commitment to public service and ensures that the Bureau’s policy making has had the benefit of your perspectives and experiences on issues important to consumers across the country,” the e-mail said.

Several Board members also received a telephone call telling them that they would not be able to reapply for their seats.

The Consumer Advisory Board was created as part of the Dodd-Frank Act and consisted of industry executive, consumer advocates and academics. The board met three times a year with Richard Cordray during his years as CFPB Director to offer advice on new regulations and policies. However, Mulvaney cancelled several scheduled meetings this year, citing scheduling difficulties.

The CFPB did not issue an official statement on the firing of the board members. Instead, it issued a statement citing plans to reconstitute this board plus the Community Bank Advisory Council and the Credit Union Advisory Council with “new, smaller memberships.”

“By both right-sizing its advisory councils and ramping up outreach to external groups, the Bureau will enhance its ability to hear from consumer, civil rights, and industry groups on a more regular basis,” the agency said.

About the author

Phil Hall

Link copied

Published

Jun 06, 2018

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

The September jobs report gave the mortgage market something it hasn't had much of lately: downward pressure on Treasury yields.U.S. employers added just 29,000 jobs in September, while the unemployment rate edged up to 4.2%, according to the Bureau of Labor Statistics. The ...

Wholesale

The Loan Store Rebrands As Averra Financial

The wholesale lender is adopting a new identity three years after acquiring Homepoint’s wholesale business and rising to No. 4 in industry rankings

The Loan Store has a new name after a three-year expansion that transformed the once-small wholesale lender into one of the largest players in the broker channel.The Tucson, Arizona-based lender has rebranded as Averra Financial Inc., effective immediately, the company annou...

Nov

Houston, TX

More from

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Analysis and Data

Oct 02, 2026

Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Analysis and Data

Oct 01, 2026

Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Analysis and Data

Sep 29, 2026

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Analysis and Data

Sep 25, 2026

Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Analysis and Data

Sep 25, 2026

Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Tech

Sep 23, 2026

Popular