Senate Democrats Push Back against CFPB Director’s Enforcement Powers Decision
Senate Democrats Push Back against CFPB Director's Enforcement Powers Decision
In a piece published in Asset Securitization Report, reports confirm that Democratic lawmakers are requesting CFPB Director Mick Mulvaney produce all documents in his possession relating to his decision to abrogate the Bureau's enforcement powers regarding fair-lending. In a letter to Director Mulvaney, Sen. Sherrod Brown, Ranking Member of the Senate Banking Committee, and Rep. Maxine Waters, Ranking Member of the House Financial Services Committee, requested information regarding how a reorganization of the CFPB's fair-lending office would protect consumers from unfair discrimination. Fifty-two other Democrats signed the letter.

Some have questioned Director Mulvaney's authority to take enforcement powers away from the fair-lending office on account of the "supervision and enforcement" functions specifically prescribed to the Bureau in the Dodd-Frank Act.

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