June 11, 2018

American Banker: Senior Democrats to Mulvaney: Stop 'starving' CFPB of consumer data

Two top Democratic senators accused the acting head of the Consumer Financial Protection Bureau, Mick Mulvaney, of “starving” the agency of data used to help write new rules.

Sens. Elizabeth Warren, D-Mass., and Mark Warner, D-Va., submitted a letter to the agency Monday as part of a comment period for public input on whether to change the CFPB’s rulemaking process. The lawmakers emphasized that the agency should maintain data collection as part of its rulemaking process, while also warning that Mulvaney has been pulling back on gathering data “without any justification.”

“The CFPB has used this authority to responsibly collect data while protecting individual privacy, to produce ground-breaking reports, and ultimately to write new rules that protect consumers and crack down on consumer scams,” the two senators wrote. “Starving the CFPB of data, as Mr. Mulvaney has been doing, undermines the CFPB.”

Read the full story on the American Banker website here.

By:  Rachel Witkowski
Source: American Banker