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Mulvaney says his CFPB keeps Elizabeth Warren up at night

Stephen Leifer - Friday, March 02, 2018

If Senator Elizabeth Warren is having sleepless nights worrying about the fate of financial regulation in Republican hands, she has only herself to blame, acting Consumer Financial Protection Bureau Director Mick Mulvaney said Tuesday.

Concerns raised by the Massachusetts Democrat about Republican control of the agency she’s credited with conceiving and designing “doesn’t bother me at all,” Mulvaney said at the Credit Union National Association conference in Washington.

The former South Carolina congressman, who also heads the Office of Management and Budget, took over as acting CFPB chief in November. He has been trading blows with Warren via letters arguing over the agency’s recent actions against payday lenders. Warren has criticized Mulvaney’s decision to halt investigations, noting that he has received thousands of dollars in political donations from the payday industry.

Mulvaney received cheers from the crowd after his latest jab at Warren, who has become the banking industry’s fiercest critic in Congress. He said that if she doesn’t like what he’s done at the CFPB, she should complain to the person who wrote the law -- herself. The powers granted to the bureau’s director under the Dodd-Frank Act makes him one of the “most powerful” people in Washington, he said.

Warren’s office was quick to make clear that she won’t be taking Mulvaney up on his advice.

“Mick Mulvaney continues to violate Dodd-Frank and other legal requirements in his attempt to gut the CFPB,” Warren’s spokeswoman, Lacey Rose, said in a Tuesday emailed statement. “Senator Warren looks forward to Mulvaney following the law and providing the American people with appropriate explanations for his actions, which she has requested several times.”

Copyright Bloomberg News

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