December 05, 2018

American Banker quotes Allyson Baker about how Rep. Maxine Waters could keep pressure on the CFPB

1 min

On December 5, 2018, Allyson Baker was quoted in the American Banker about the possibility of Rep. Maxine Waters, D-Calif., immediately investigating the Consumer Financial Protection Bureau (CFPB) under acting Director Mick Mulvaney when the new Congress convenes in 2019 with Waters the likely chairwoman of the House Financial Services Committee.

According to the article, industry observers expect Rep. Waters to use the committee's subpoena powers to investigate how decisions were made by Mulvaney, including an 80% drop in enforcement actions in 2018, to just nine, from 47 a year earlier. However, Mulvaney may be able to avoid answering any questions, with Kathy Kraninger now on the verge of being confirmed as the permanent director, noting that Kraninger, who is now an official at the Office of Management and Budget, would have to defend policies developed under Mulvaney’s leadership of the CFPB.

"By the time Kraninger gets in, I suspect subpoenas will have started coming," said Ms. Baker. "It's not so much an inquiry into Kraninger's work but about Mulvaney’s time at the bureau, and what the bureau has or has not done."