Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, has asked Congress to significantly increase its oversight of the agency, HousingWire staffer Ben Lane reports.
Mulvaney, who President Donald Trump appointed to lead the CFPB last year, is no fan of the agency and once called it a “sick, sad joke.” In a report to Congress, he said the CFPB “is far too powerful, with precious little oversight of its activities.”
His first request to Congress is to alter the rules surrounding the funding of the CFPB in order to bring the bureau’s budget into the Congressional appropriations process.
If enacted, that would mean that Congress would control the CFPB’s budget, rather than the bureau asking for and receiving money directly from the Federal Reserve.
He also wants Congress to require legislative approval for “major” CFPB rules and for it to create an independent inspector general that would oversee the agency’s operations.
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