OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Congressman Cleaver Released the Following Statement Regarding the CFPB Acting Director's Request to Suspend Operational Funding for the CFPB

Statement

Date: Jan. 18, 2018
Location: Washington, DC
Issues: Finance and Banking

Congressman Emanuel Cleaver, II responded to recent reports that the Acting Director for the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, has not requested any operating funds this fiscal year from the Federal Reserve.

"By requesting zero funding for the Consumer Financial Protection Bureau's operating costs, Mr. Mulvaney's action represents an alarming development for American consumers, particularly minorities, seniors, and those from low-income communities who have no other avenue to protect themselves from predatory financial practices than to avail themselves to the assistance of the CFPB. Today's letter is a clear indication that the Mr. Mulvaney's goal is to make the CFPB "closed for business" under the Trump Administration," said Congressman Cleaver.

Congress created the CFPB in 2010 amidst the housing crisis of 2008 to protect consumers against financial abuses. The CFPB has yielded over $12 billion in consumer relief.


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