Demand Progress

Tell the Senate to investigate acting CFPB Director Mulvaney!

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    Tell the Senate to investigate acting CFPB Director Mulvaney!

    Petition to the Senate:
    When Student Loan ombudsman, Seth Frotman, resigned from the CFPB, he made it clear that acting director Mick Mulvaney is undermining the Consumer Finance Protection Bureau’s mission to protect everyday consumers against financial institutions that would seek to exploit them. We demand the Senate investigate acting director Mick Mulvaney immediately.

    Elizabeth Warren’s Consumer Financial Protection Bureau (CFPB) has veered dangerously off mission, thanks to Trump’s crony Mick Mulvaney.

    As Trump’s hand-picked acting CFPB director, Mulvaney has never even tried to pretend to hold financial institutions accountable for misleading or exploiting consumers. It’s gotten so bad that the career CFPB Student Loan ombudsman, Seth Frotman, just resigned. He called out Mulvaney for “turning [the CFPB’s] back on young people and their financial futures.”1

    Tell Senate to open an investigation into acting CFPB director Mick Mulvaney immediately.

    Whether you have student loans or not, this is a big deal! Student loan debt tops $1.3 TRILLION dollars. And rather than shielding borrowers and young professionals from unscrupulous, aggressive and illegal debt collection tactics, Mulvaney’s CFPB is throwing student borrowers to the Wall Street wolves right at the start of their careers.

    Congress created the CFPB as a part of the Dodd-Frank Act to be a watchdog on financial corruption and stand up for everyday consumers who have been ripped off by Wall Street’s rigged system. But under Trump, the CFPB isn’t just weak, it’s actively harming the very people it was created to protect. Former Student Loan Ombudsman Seth Frotman wrote to acting director Mulvaney, “you have used the Bureau to serve the wishes of the most powerful financial companies in America.”2

    The Senate must not sit idly by as the CFPB mutates into the very thing it was meant to protect against. We need your voices to tell them, “investigate and clean house!”

    Sign the petition: Tell the Senate to investigate acting CFPB director Mick Mulvaney.

     

    Sources:
    1. NPR, “Student Loan Watchdog Quits, Says Trump Administration 'Turned Its Back' On Borrowers,” August 27, 2018.
    2. Ibid.