Mulvaney to face grilling over direction of consumer agency

Mick Mulvaney
The Associated Press

WASHINGTON (AP) — Mick Mulvaney appears before Congress Wednesday, where the acting director of the Consumer Financial Protection Agency is likely to face tough questions from Democrats worried that the watchdog agency is taking a business-friendly approach at the expense of consumers.

Since Mulvaney took over in November, the bureau has not issued an enforcement action against any financial company and has dropped cases against payday lenders.

In prepared testimony for the House Financial Services Committee, Mulvaney repeats the long-standing criticism that the CFPB, created following the financial crisis, is too independent and powerful. He outlines steps to make the bureau more accountable to Congress and the president.

Mulvaney also promises the bureau will continue to enforce fair-lending laws. A shuffling of divisions within CFPB had called that into question.