House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Blaine Luetkemeyer (MO-03) welcomed Consumer Financial Protection Bureau (CFPB) acting Director Mick Mulvaney to the Financial Services Committee where he will deliver the CFPB’s 2018 Semi-Annual Report to Congress. Congressman Luetkemeyer delivered the following opening statement at today’s hearing:

Director Mulvaney, welcome back to the Committee.  We appreciate your willingness to be with us this morning.

While the Bureau of Consumer Financial Protection has a well-intended mission, in practice it has been an unaccountable, unconstitutional, politically-driven agency. For many years, you’ve heard our concerns surrounding the Bureau, but now that you’ve had the opportunity to observe this agency from multiple vantage points, I have no doubt that the insights you’ll offer today will be both valuable and compelling. 

The mountain of rules coming out of the Bureau under your predecessor crippled financial institutions seeking to serve their communities. The uncertainty surrounding those rules, paired with the apparent desire to regulate through enforcement, has had a chilling effect on financial services companies across the nation. As you know, Mr. Mulvaney, the chilling effects don’t stop at the banks and credit unions; because ultimately they punish the consumers who you are charged with protecting.

Under your leadership, the BCF has taken steps to not just talk the talk, but to walk the walk, and to ensure consumer protection without assaulting financial independence. 

During your brief tenure, you have underscored the need for increased transparency and oversight of the Bureau. You’ve called for an end to the absolute power you possess as acting BCF Director, which in your words would “frighten” most of us.  You’ve allowed for greater public input into rules, and you’ve called for an end to what I believe is essentially unlawful legislating by Bureau staff. Mr. Mulvaney, you are thankfully both a terrible bureaucrat but a great leader – a most welcome change.

American consumers deserve strong protections, while also being afforded the opportunity to control their own financial decisions and futures.  Under your leadership, I believe the Bureau of Consumer Financial Protection is well on its way to finally living up to its name.  We all thank you for all the steps you’ve taken thus far, and we look forward to your testimony. 

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