Skip to main content

Dems Demand Mulvaney Reconvene Consumer Advisory Board

Jul 17, 2018
Twenty-three Senate Democrats plus two Independents that caucus with them have called on Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau, to reassemble the agency’s Consumer Advisory Board (CAB)

Twenty-three Senate Democrats plus two Independents that caucus with them have called on Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau, to reassemble the agency’s Consumer Advisory Board (CAB) to its membership at the time of its dissolution.
 
In their letter, the senators pointedly refused to acknowledge Mulvaney’s title as CFPB Acting Director and only called on him as director of the Office of Management and Budget. The senators, led by New Jersey’s Bob Menendez, argued that the CAB was required under the Dodd-Frank Act and stated Mulvaney intentionally refused to meet with them on a regular scheduled basis.
 
“By dismissing the CAB, the CFPB is deliberately rejecting statutorily required advice from qualified professionals who are volunteering their services to the American public, with no credible explanation as to why the present CAB members are not capable of fulfilling their responsibilities,” the Senators wrote. “Importantly, you took these actions without ever meeting with the advisory board.  Since assuming the mantle at the CFPB, you have failed to convene the CAB once. In 2018, you canceled two scheduled meetings with the CAB, in spite of the statutory requirement that the advisory board meet twice a year.”
 
The senators demanded that Mulvaney respond to them by July 26.

 
About the author
Published
Jul 17, 2018
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.