NALCAB Statement on the Firing of the Consumer Bureau’s Advisory Board
Yesterday, Acting Director, Mick Mulvaney, fired all members of the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB). The CAB is required under the Dodd-Frank financial law to provide guidance on issues affecting underserved communities. Mulvaney’s reckless decision to dissolve the board makes Latinos more vulnerable to predatory and unsafe lending practices and products.
The CAB’s dismissal comes on the heels of a press conference members held on Monday to voice concerns with Mulvaney’s leadership and his efforts to undermine the CFPB which was created to protect consumers from financial predators. On Wednesday the Bureau said that it was “right-sizing” its advisory councils and looking to save money and cut back on discretionary spending. The dismantling of this group removes the voice at the table tasked with ensuring fair lending practices and civil rights, other issues important to our community.
In 2010 the CFPB was created in response to financial crisis to protect consumers.Since Mulvaney took over leadership he has stifled progress on key consumer protections including regulations on payday lending and he has worked to weaken the CFPB’s ability to guard against unfair practices and discrimination.
NALCAB has not forgotten the devastation the financial crisis had on Latino families and our communities. We will continue working to ensure a financial marketplace that is fair and safe.