The operational structure of the Consumer Financial Protection Bureau will soon be reorganized, Acting Director Mick Mulvaney told staff in an email last week, accordin to HousingWire staffer Kelsey Ramirez.
The email said the CFPB will relocate its Office of Students and Young Consumers and fold it into the Office of Financial Education, according to the memo reviewed by HousingWire.
Mulvaney explained in the memo that the changes are “to make the bureau more efficient, effective and accountable.”
But there are others who do not think the changes will help the CFPB, like Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif. “The closing of the Office of Students and Young Consumers is deeply concerning and will most certainly set back the progress the Consumer Bureau had made to protect our nation’s students and consumers,” Waters said. “Under the leadership of Richard Cordray, the Consumer Bureau was vigilant in protecting the over 44 million student borrowers who collectively carry over $1.48 trillion in student loan debt in this country.”
The CFPB told HousingWire that the changes were not significant and that there was no functional or even practical change.
“This is a very modest organizational chart change to keep the Bureau in line with the statute but the office is still operating within the same division,” CFPB Chief Communications Officer and Spokesperson John Czwartacki said. “The work of the office continues, personnel are all on the job and working on the same material as they were before. The bottom line is there is no functional or even practical change.”Read More