The CFPB under the leadership of Mick Mulvaney, the acting director, has fired 25-members from the advisory board on Wednesday. Mick Mulvaney has been appointed by President Trump.
The CAB members had earlier criticized the leadership of Mulvaney in the Consumer Financial Protection Bureau, saying that he was making decisions that would not turn out good for the agency.
These members comprised of industry executives and advocates who were against the new regulations that were to take place. They had also criticized the cancellation of legal meetings of relevant importance.
The criticism made on Monday, saw an immediate notification issued to the group members on Wednesday, saying that they were being replaced and could not reapply to the new board for the same spots.
There will be a new Consumer Advisory Board, in which members will be reduced, says CFPB, as a part of the revamping campaign. The membership will be smaller to ensure proper discussion and implantation of the Bureau’s policies.
A new approach to reach stakeholders will be taken by which problems faced by Americans from financial firms, will be addressed immediately. This will increase feedback that will be very valuable, says the bureau.
Mulvaney feels that the CFPB should be the watchdog and look into the needs of those who face unfair treatment from financial firms.
However, the Consumer Advisory Board feels that the CFPB is seeing erosion from within. Firing the CAB members is not the right move, feels the chair of the board, Ann Baddour.
The American families have to be given importance to. Improper practices followed for debt collection, student loan collection and foreclosures have to be acted upon, feels Kathleen Engel. She is a member of the Consumer Advisory Board and a law professor working at Suffolk University. These are some of the works of the board, she adds.