Skip to main content

House Passes Waters’ Bill to Reverse Mulvaney’s CFPB Changes

Phil Hall
May 23, 2019
Photo credit: Getty Images/dkfielding

The House of Representatives voted along party lines 231 to 191 to approve the Consumers First Act, a bill authored by Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services, designed to reverse structural changes made to the Consumer Financial Protection Bureau (CFPB) while Mick Mulvaney was the agency’s Acting Director.
Relations between Mulvaney and congressional Democrats were frayed during his CFPB tenure, with many legislators refusing to acknowledge his position as Acting Director. Among the actions the bill would be enact would be the rollback of Mulvaney’s reorganization of the CFPB’s Office of Fair Lending and advisory boards. Waters’ bill would also create an Office of Students and Young Consumers focused on student loans, debt repayment and financial product access for young adults and their families, and it would include language preventing future directors from making significant structural changes to the agency.
Rep. Patrick McHenry (R-NC), the Ranking Member on the Financial Services panel, criticized the bill as a partisan effort. “I think what we have today is a bit of buyer's remorse by my Democratic colleagues who created the CFPB in order to be this unaccountable bureau but headed by a Democrat or a Democrat presidential appointee,” said McHenry.
However, Jesse Van Tol, CEO of the National Community Reinvestment Coalition, praised its passage in the House.
“The CFPB hasn't been standing up for consumers the way it was intended,” he said. “Even as this bill came up for a vote, the agency was working on a plan to exempt more than half the nation’s banks and other lenders from having to report on their mortgage lending under the Home Mortgage Disclosure Act. That data, which lenders have been gathering and reporting for years, is critical to spotting discrimination in lending and as an early warning on risky lending behavior. The agency that's supposed to protect consumers is focused on hiding critical information from them. That's crazy. This bill sets CFPB back on track. Senate, now it is your turn to do the right thing.”
The Republican-controlled Senate is unlikely to take up the bill.

May 23, 2019
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021