Reports on Mulvaney’s Testimony Before the House Financial Services Committee

Mulvaney's written testimony is here. has detailed coverage here. The LA Times story is here. Excerpt:

Mulvaney acknowledged that although the bureau had averaged opening one new enforcement action a week under Cordray, he had launched none since taking over.

That triggered astonishment from Rep. Carolyn Maloney (D-N.Y.).

"Are you telling me that every single financial institution in America has suddenly snapped into full compliance with every single consumer financial law since you took over last November?" she said. "I'm deeply disappointed that we have essentially taken the cop off the beat in terms of initiating new actions to help the consumer."

Mulvaney responded that "we are still going after bad actors," noting the bureau still had 100 ongoing probes.

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Hensarling validated Mulvaney's view that Dodd-Frank doesn't require him to answer lawmakers' questions, adding that "you could play Candy Crush for the next few hours and there would be nothing we could do about it."

Then Hensarling had Mulvaney say that there was nothing in the law to prevent him from spending $20 million a year to put the bureau's name on a Texas football stadium or "ensure that every man, woman and child in American has a CFPB, T-shirt, ball cap and [can] coozy."


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