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Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, fired the agency’s 25-member advisory board on Wednesday and said he would launch a new panel in the fall.
The Consumer Advisory Board, known as CAB, has traditionally played an influential role in advising CFPB’s leadership on new regulations and policies. But some panel members, which include prominent consumer advocates, academics and industry executives, have begun to complain that Mulvaney was ignoring them and making unwise changes at the watchdog agency.
The article goes on to state the following:
On Monday, 11 CAB members held a news conference, where they criticized Mulvaney for, among other things, canceling legally required meetings with the group.
On Wednesday, the group members were notified that they were being replaced – and that they could not reapply for spots on the new board.
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