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Yesterday, CFPB’s three advisory boards: the Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council were disbanded. All boards directly reported to the Consumer Protection Financial Bureau established in the wake of the last decade’s financial meltdown. The fired members were advised they could not reapply for seats when an apparent new board forms.
The board, comprised of twenty-five members who according to The Washington Post, are made up of top consumer advocates, academics, and industry executives, have been critical of acting director Mick Mulvaney’s leadership, arguing that he is focused more on the industry than on protecting the American consumer. His critics also fear under his command the Bureau has focused more on weakening the consumer protection aspects of its work.