Hello? Everyone here? You’re all fired.
No more consumer protection for you!
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, was expected to meet on Wednesday with members of its consumer advisory board, which provides feedback on the bureau’s rules and policies.
Instead, one of his deputies dismissed the board’s members.
By law, the bureau must convene the advisory board and hold at least two in-person meetings with its members a year. The bureau canceled a meeting scheduled for February, and last week it canceled one planned for this week.
Instead it put on a conference call and fired them. Boom.
The consumer advisory board’s members are consumer activists, academics, entrepreneurs who run financial start-ups and industry representatives from companies including Citi, Discover, and Mastercard. Also participating on the call Wednesday were members of two other groups that advise the bureau, one representing credit unions and the other representing community banks.
“We suspected this might be coming,” said Josh Zinner, a member of the consumer advisory board and the chief executive of the Interfaith Center on Corporate Responsibility. “This is a further signaling that the new leadership is almost obsessively dismantling the bureau’s accomplishments and taking it in a decidedly different, industry-friendly direction.”
Friendly to industry at the expense of consumers. Will it still call itself the Consumer Protection Bureau?
A community banking representative on the call criticized the bureau’s leadership for ousting the group’s members without meeting with them even once.
“The bureau has not fired anyone,” John Czwartacki, a bureau spokesman, said after the call. The agency will meet its legal obligation to convene meetings of the consumer advisory board and current members will be allowed to serve out the year, he said.
The changes to the advisory groups are the latest in a flurry of moves under Mr. Mulvaney’s leadership. He is trying to reduce the bureau’s power and responsibilities, which he has previously complained were too broad.
In other words, he’s simply demolishing the bureau he’s supposed to be directing.
It will remain the Consumer Financial Protection Bureau in exactly the same way the Environmental Protection Agency remains and continues its mission. Nothing to see here. (In several senses.)