Brown Opposes CFPB Acting Directors Request for Funding To Starve Agency Of Resources Needed To Protect Consumers

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement criticizing CFPB Acting Director Mick Mulvaney’s failure to request funds from the Federal Reserve for second quarter of the fiscal year of 2018.

Mulvaney’s first act as acting director was to freeze payments from the CFPB’s civil penalties fund to families who were cheated by financial institutions. Today, under Mulvaney’s guidance, the CFPB dismissed a lawsuit against a payday lender who failed to disclose its predatory loans which carried interest rates as high as 950 percent a year.  Earlier this week the CFPB, announced that the agency would delay the payday lending rule that protects consumers from predatory lenders and let the industry call the shots on how the Bureau should be run.

“After signaling this week to delay payday lending rules and requesting zero dollars in CFPB funding this quarter, whose side is this Administration on; Wall Street and payday lenders or working families?” said. Brown. “Mulvaney’s claim of paying down the deficit with this action might have some credibility if he were not celebrating a $1.5 trillion IOU to our children to pay for tax cuts to big corporations and the wealthy 1 percent.”