Mulvaney axes CFPB's consumer advisory board

Consumer Financial Protection Bureau head Mick Mulvaney on Wednesday terminated all members of the organization's consumer advisory board and two others and told the dismissed board members that they could not re-apply to those positions. The dismissals came just two days after multiple consumer advocates had spoken out publicly over their concerns that Mulvaney was sidelining the board and shifting the focus of the bureau away from protecting consumers. The step is a confirmation that Mulvaney "is only interested in obtaining views from his inner circle, and has no interest in hearing the perspectives of those who work with struggling American families," said Ann Baddour, a director with the public-interest organization Texas Appleseed who served as the consumer advisory board chair. In a statement, several members of the terminated board noted, "Federal law requires that the CAB be a well-balanced entity in terms of point of view and that it not be 'inappropriately influenced by' the Bureau director. Any other composition goes against the standards of the law." The CFPB issued a statement saying, "By both right-sizing its advisory councils and ramping up outreach to external groups, the Bureau will enhance its ability to hear from consumer, civil rights, and industry groups on a more regular basis."