November 28, 2017

Cortez Masto: Part-time Director at CFPB a Slap in the Face to Millions of American Consumers

Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement today after a U.S. District Court ruled not to immediately reinstate Leandra English to head the Consumer Financial Protection Bureau (CFPB) after President Trump’s unlawful appointment of White House Budget Director Mick Mulvaney as Acting Director of the CFPB:

“Congress passed Wall Street Reform after the financial crisis to protect consumers in Nevada, and across our country, from predatory behavior from mortgage companies, big banks, payday lenders, and credit card companies. Today’s decision is a setback that gives these companies a strong ally at the CFPB. Budget Director Mulvaney’s part-time work at the CFPB is a slap in the face to the thousands of Nevadans who had fake accounts opened by Wells Fargo, and the millions of Americans who had their data stolen due to mismanagement at Equifax. In fact, Mulvaney’s first action upon taking over the CFPB was to stop payments to seniors, servicemembers and other consumers that had been harmed by big bank misconduct.

“Over 29 million consumers have received $12 billion in relief thanks to the diligent work of the CFPB. While this ruling is disappointing, I hope that the legal battle over the future of the CFPB is continued and that President Trump recognizes the need to nominate a full-time, dedicated public servant to run the Bureau with the advice and consent of the Senate. The American people deserve a CFPB Director with a proven record of protecting borrowers. Budget Director Mulvaney has no business leading an independent consumer agency that he has voted against and vowed to destroy.”