Mick Mulvaney continues to dismantle the Consumer Financial Protection Bureau, just like Donald Trump put him in charge of the agency to do. The latest: Mulvaney has fired every single outside expert on the consumer advisory board, which is required by law to meet with the CFPB director twice a year.
“Everyone on the board has been fired,” said Judith Fox, a professor at Notre Dame Law School who sat on the board for three years. […]
The board will be reconstituted in the fall, Fox said. None of the current members of the board will be eligible to apply. Members of two other boards that also provide outside expertise would also be replaced.
Basically, Mulvaney does not want to protect consumers, and as part of not protecting consumers he is getting rid of the outside experts who were supposed to help him help consumers. And in the fall, he’ll come up with a new board of Trump puppets.
As of last fall, the CFPB had returned $11.8 billion to 29 million people harmed by financial institutions. “That’s an average of $407 returned to each affected consumer, affecting roughly 9% of the U.S. population (assuming no single consumer was a victim in more than one case).” Trump and Mulvaney are working hard to put a stop to that.