February 05, 2018

Brown Says Mulvaney Refusal To Investigate Equifax Breach Is Malpractice

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement in response to reports that the Consumer Financial Protection Bureau (CFPB), under orders from OMB Director Mick Mulvaney, has decided to end the investigation into the Equifax data breach, which put the personal information of 145 million consumers at risk.

 “Refusing to investigate a data breach that put 145 million Americans at risk is malpractice,” Brown said. “Once again, Mr. Mulvaney has made clear he will always side with special interests over the consumers who count on CFPB for help. The Administration needs to swiftly nominate a CFPB director who will protect consumers instead of letting well-connected corporations walk away scot-free.”

Today’s report is just the latest in a pattern of CFPB turning its back on consumers since Mulvaney took charge.  One of Mulvaney’s first acts was to freeze payments from the CFPB’s civil penalties fund to families who were cheated by financial institutions. In January, under Mulvaney’s guidance, the CFPB announced that it would delay the payday lending rule that protects consumers from predatory lenders. Mulvaney also dismissed a lawsuit against payday lenders who failed to disclose that predatory loans carried annual interest rates as high as 950 percent. He was also reported to be reconsidering whether Wells Fargo should have to pay tens of millions in fines for charging mortgage borrowers deceptive fees.