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CFPB’s Mulvaney disbands Consumer Advisory Board

Joe Mont | June 7, 2018

There is a common temptation in corporate America: If you don’t like what a consultant says, fire them and find one that tells you what you want to hear.

With a variation on this theme, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has disbanded his agency’s Consumer Advisory Board, dismissing 25 outside experts who were intended to help shape agency policy. It is the latest in a series of moves to reshape the Bureau into Mulvaney’s more business-friendly vision and satisfy Republicans who have derided the largely autonomous agency since it opened its doors.

The Bureau, in a conference call on Wednesday, told CAB members, and members of two other advisory boards, that their terms were terminated and that they were not permitted to re-apply should new committees be formed.

The decision prodded this rebuke on Twitter from Sen. Elizabeth Warren (D-Mass.): “[Mulvaney] has no intention of putting consumers above financial firms that...

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