Washington DC– On Tuesday, January 30th, interim Director Mick Mulvaney placed the Office of Fair Lending and Equal Opportunity under his direct control and stripped it of enforcement power. John Taylor, President and CEO of the National Community Reinvestment Coalition, made the following statement.
“The CFPB’s organization chart is the agency’s business, but enforcing consumer protection laws is also the people’s business. I am appalled to see one of the most effective offices within the CFPB stripped of responsibility to stop redlining, predatory lending, and other discriminatory behavior by financial firms. The whole point of an independent CFPB is to have an agency with authority to enforce consumer protection laws, not just talk about them.
There is a reason this office was mandated under Dodd-Frank. Some financial firms continue to take advantage of consumers and put them at risk. Without enforcement actions by this agency, it will be much slower and harder to protect consumers and stop abusive and discriminatory practices that should be stopped.”
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NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business.