The Dodd-Frank Act requires the CFPB director to meet advisers at least twice a year
Consumer Financial Protection Bureau Acting Director Mick Mulvaney has canceled an upcoming meeting with the bureau’s advisory board, but the panelists are speaking out, Bloomberg reported.
Members of the Consumer Advisory Board, which advises the consumer watchdog on possible abuses in the financial industry, called Mulvaney’s cancellation a “troubling sign” of his vision for the CFPB.
According to a copy of a memo obtained by the publication, the CFPB informed board members that rather than push through with a scheduled meeting, there will instead be two conferences calls “to allow you to hear from new leadership about how the bureau will manage the advisory group going forward.”
Fifteen of the board’s 25 members, who include consumer advocates, academics, and former bank executives, wrote to Mulvaney saying his move follows a pattern that indicates his lack of interest to hear from the panel.
“It follows on your decision to cancel our February meeting, which had been scheduled for months,” the members wrote. “The one opportunity we have had to speak to you as a body was a phone call that was scheduled to last one hour but ended up with your speaking with us for less than 20 minutes.”
Under the Dodd-Frank Act, the CFPB director is required to meet with the advisory board at least two times per year. The law also requires the CFPB to reimburse the panelists’ travel expenses.
A spokesperson for the CFPB said the bureau would meet its statutory obligations.
“It is natural that new leadership would re-evaluate its community and consumer outreach efforts, and that will necessarily include consideration of the timing, frequency, content, and other aspects of the bureau’s meetings,” the spokesperson said.
