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Senate Democrats demand that CFPB reinstate advisory board

Joe Mont | July 13, 2018

A coalition of 25 Senate Democrats is demanding that Office of Management and Budget Director Mick Mulvaney, who also serves as acting director of the Consumer Financial Protection Bureau, reassemble the latter agency’s recently disbanded Consumer Advisory Board, allow members to finish their terms, and provide a plan on how the agency will meet with the board to fulfill ongoing statutory obligations under the Dodd-Frank Act.

Members of the CAB include representatives from industry, academia, and consumer advocacy organizations who advise and inform the CFPB of potential emerging threats to consumers.

“By dismissing the CAB, the CFPB is deliberately rejecting statutorily required advice from qualified professionals who are volunteering their services to the American public, with no credible explanation as to why the present CAB members are not capable of fulfilling their responsibilities,” the Democrats wrote in...

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