Yesterday, the Consumer Financial Protection Bureau (Bureau) released its semi-annual report highlighting the Bureau’s work. This is the first report issued by Acting Director Mick Mulvaney and it includes his four recommendations for statutory changes to the Bureau.
“The Bureau is far too powerful, with precious little oversight of its activities,” said Acting Director Mick Mulvaney. “The power wielded by the Director of the Bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets. I’m requesting that Congress make four changes to the law to establish meaningful accountability for the Bureau. I look forward to discussing these changes with Congressional members.”