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Acting CFPB director wants a radical overhaul of the agency

Joe Mont | April 4, 2018

It is no secret that many Republicans have despised the Consumer Financial Protection Bureau from its inception, designed as an independent body insulated from political whims and Congressional budget wrangling.

Institutional animosity led President Trump to appoint Acting Director Mick Mulvaney upon the departure of inaugural head Richard Cordray, a Democrat. Mulvaney, critics say, was unleashed with a mission to dismantle the agency, or at least the politically unpalatable aspects, from the inside.

Those fears may have come to fruition this week when, in the pages of the CFPB’s semi-annual report Mulvaney included four recommendations for statutory changes to the Bureau.

“The Bureau is far too powerful, with precious little oversight of its activities,” Mulvaney said in a statement. “The power wielded by the Director of the Bureau could all too easily be used...

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