Maloney Statement on Mulvaney’s Attempts to Eviscerate the CFPB
WASHINGTON, DC – Following news reports that Acting CFPB Director Mick Mulvaney requested no funds from the Federal Reserve for his agency in the second quarter of fiscal year 2018, Congresswoman Carolyn B. Maloney (NY-12), senior member of the House Financial Services Committee, released the following statement.
“Our worst fears about Acting CFPB Director Mick Mulvaney have been realized – he is clearly trying to the dismantle from within the one federal agency whose sole mission is to fight for and protect consumers. The Trump Administration’s irresponsible and shameful decision to defund and defang the CFPB will mean that consumers’ interests will once again take a back seat to corporate interests. The American people deserve a far better deal than this.
“Under its first director, Richard Cordray, the CFPB secured more than $12 billion for nearly 30 million consumers who were wronged by financial institutions and put into place new, strong consumer protections that outlaw deceptive lending practices and require that consumers are given the critical information they need before making financial decisions.
“The CFPB has made consumers far better off than they were before its founding and these efforts to dismantle it are not only foolish, but will lead to real harm for millions of hardworking Americans.”