Bob Menéndez Probes CFPB on Disbanded Consumer Advisory Board
Senator Bob Menéndez (D-NJ) and 24 other Senate Democrats sent a letter to Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney urging him to reinstate members of the agency's Consumer Advisory Board (CAB), who were fired last month, and to provide details on the firings. In a letter to Mulvaney on Thursday, the lawmakers ask for a detailed plan on how and when the CFPB will meet with the Advisory Board, which is mandated by the Dodd-Frank Act. “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 Senators wrote. “Importantly, you took these actions without ever meeting with the advisory board. Since assuming the mantle at the CFPB, you have failed to convene the CAB once. In 2018, you canceled two scheduled meetings with the CAB, in spite of the statutory requirement that the advisory board meet twice a year.” The CFPB fired the 25-member consumer advisory board and disbanded two other agency boards, the Community Bank Advisory Board and the Credit Union Advisory Board. Read the full letter here.