Maloney Slams Mulvaney for Taking Zero Enforcement Actions Since Taking Over at CFPB
WASHINGTON, DC – Following today’s House Committee on Financial Services hearing on the Consumer Financial Protection Bureau (CFPB), Congresswoman Carolyn B. Maloney (D-NY), Ranking Member of the Subcommittee on Capital Markets, Securities, and Investment, released the below statement:
“Under Director Cordray, the CFPB was bringing about four enforcement actions per month to protect consumers. As Mr. Mulvaney confirmed to me today, he has brought zero enforcement actions since he arrived five months ago. Despite stating in his testimony that ‘our job is to enforce federal consumer financial laws,’ it appears that under his leadership, the CFPB has utterly failed to enforce any laws. So, either every single financial institution in America has suddenly snapped into full compliance with every single consumer financial law since he took over, or Mr. Mulvaney is doing what many of us have feared – dismantling the CFPB from the inside.
“Mr. Mulvaney also attempted to take credit for the $93 million that has been distributed to consumers since November. That is completely disingenuous. Those funds were won under the leadership of Director Cordray and the CFPB has been merely doling them out.
“As he made clear at today’s hearing, Mr. Mulvaney has no business leading the CFPB.”