Home>Press Release>ICYMI: Menendez Slams Mulvaney for ‘Pumping the Brakes’ at CFPB, Eroding Consumer Protections

ICYMI: Menendez Slams Mulvaney for ‘Pumping the Brakes’ at CFPB, Eroding Consumer Protections

FOR IMMEDIATE RELEASE: April 12, 2018

By NJG Press Releases, April 12 2018 5:18 pm

 

CONTACT:

Steven_Sandberg@menendez.senate.gov

 

***VIDEO RELEASE***

 

ICYMI: Menendez Slams Mulvaney for ‘Pumping the Brakes’ at CFPB, Eroding Consumer Protections

 

CFPB has failed to initiate a single enforcement action on behalf of consumers since Mulvaney took over

 

WASHINGTON, D.C. – U.S. Senator Bob Menendez, a senior member of the Senate Banking Committee, today criticized Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney’s failure to holding a single financial institution accountable since he assumed the helm, while defending the agency’s mission to protect average Americans from corporate greed and abuses.  Mulvaney was testifying before the Banking Committee.

 

“Let’s be clear, we’re not going to stand by while you thwart the statute and subvert congressional intent, nor will we be silent while you give winks and nods to lenders that they will no longer be subject to vigorous review of their activities under the fair lending laws.  And I don’t know how you think you can subvert congressional intent, but it’s not going to go unchallenged,” said Sen. Menendez.  “In the 137 days since you took over the bureau, you have not initiated a single new enforcement action.  The scandals and breaches of consumer trust at Wells Fargo and Equifax demonstrate that consumers need the CFPB now more than ever.”

 


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The senator specifically cited the CFPB’s recent decision to eliminate penalties for lenders for errors in mortgage lending reporting; its plans to reconsider its Home Mortgage Disclosure Act rule; and Mulvaney’s decision to strip the Office of Fair Lending and Equal Opportunity of its ability to crackdown on predatory lending practices—the very practices that led to the destruction of half the wealth of African-American and Latino households during the financial crisis and Great Recession.  The senator also quoted a law firm’s memo to its banking industry clients that read Mulvaney’s decision “will significantly reduce the CFPB’s enforcement.”

 

Steven Sandberg
Press Secretary US Senator Bob Menendez
Office 973.297.4917 Cell 201.407.2477

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