The Logical Leftist
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Trump CFPB Nominee Has A Huge Conflict Of Interest
Posted
November 28, 2017
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2,730
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November 28, 2017
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"Trump’s controversial pick to head the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, received some of his most generous political contributions as a congressional candidate and a congressman from financial groups including Bank of America, the American Bankers Association, and the Credit Union Association, according to data maintained by the Center for Responsive Politics. Over the course of Mulvaney’s four congressional runs, from 2009 through 2016, Bank of America, the American Bankers Association, and the Credit Union Association gave $20,951, $32,500, and $30,250 to Mulvaney, respectively.
The CFPB was established by the Dodd-Frank Act in response to the financial crisis of 2007–2008 to oversee various financial institutions including banks, credit unions, and payday loan companies—each of which contributed campaign cash to Mulvaney.
Mulvaney’s appointment this weekend triggered a showdown with the CFPB, which already had an interim director appointed by outgoing director Richard Cordray, who is expected to run for governor in Ohio.
Mulvaney is considered a controversial choice not just because he would continue to serve as director of Trump’s Office of Management and Budget, but because of his long record opposing CFPB measures and the agency’s existence."
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