AP sources: Mulvaney disbands consumer advisory board
NEW YORK (AP) — Members of a group of outside experts required by law to meet twice a year with Consumer Financial Protection Bureau said Wednesday that the group has been dissolved by CFPB head Mick Mulvaney.
Mulvaney, acting director of the CFPB, told the 25 members of the Consumer Advisory Board on Wednesday morning that they will be replaced and the board will be reconstituted, according to two of the members. These people requested anonymity since the announcement was not official yet.
The advisory board, under the Obama administration, acted as a group of experts CFPB officials could talk with about coming trends or proposed regulation. It is basically the only group of outside experts that the CFPB director is required to interact with by law.
There had been murmurings about the fate of the CAB for weeks. Under the law that created the CFPB, the advisory board is required to meet twice a year. But the meetings have repeatedly cancelled under Mulvaney. Under Obama appointee Richard Cordray, the board would meet two to three times a year for at least a couple of days. The most Mulvaney ever committed to, according to board members, was a 20-minute phone call.
A two-day meeting originally scheduled for Wednesday and Thursday of this week was cancelled.