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Mulvaney Disbands CFPB's Credit Union Advisory Council
Thursday, June 7, 2018 6:45 AM

Acting CFPB Director Mick Mulvaney Wednesday disbanded the agency’s Credit Union Advisory Council and two other boards, saying they will be reorganized into smaller groups, with new members.

Recent meetings of the credit union and consumer groups have been postponed, with members of the consumer board expressing concern that they were being marginalized. CFPB officials said that no meetings of the advisory boards will be scheduled until the new members are appointed.

CFPB officials said the councils will be continued, with members who apply through an application process that began earlier this year.

At the heart of the matter may be the Trump Administration’s desire to appoint board members more sympathetic to a change in philosophy at the bureau. Members of the boards were selected during the tenure of Director Richard Cordray, an aggressive regulator. Acting Director Mick Mulvaney has signaled that he will be much friendlier toward the businesses the agency regulates.

The agency said that in addition to the advisory boards, agency officials will rely on regional town halls and roundtable discussion at the agency’s office.

Members of the CFPB’s Consumer Advisory Board said they were angry and disappointed by Mulvaney’s decision. Board members, several of whom work for consumer groups, have clashed with Mulvaney over the new direction the CFPB appears to be headed

Source: CU Times