American Bridge spokesperson Andrew Bates released the following statement after Donald Trump tweeted about news that, under Mick Mulvaney, the Consumer Financial Protection Bureau was considering allowing Wells Fargo to avoid refunding consumers that the bank has already admitted were overcharged:
“A disingenuous tweet cannot hide the obvious truth of Donald Trump’s record. His actions are selling-out the American middle class by tying the hands of the independent agency created after 2008 to safeguard consumers from the worst abuses of the financial sector. Trump himself said that he was placing Mulvaney at the CFPB specifically to benefit the financial companies that the independent agency was created to be the watchdog of, and numerous reportsshow that’s precisely what Mick Mulvaney is doing. There is an unmistakable pattern here, and the American people won’t be fooled.”
In addition to the Wells Fargo case, it was similarly reported that the CFPB was reversing itself on whether Nationwide Biweekly Administration should pay millions in penalties for deceiving over 100,000 customers. This news comes as a series of financial sector companies are already attempting to receive favorable treatment from Mulvaney.
The CFPB’s enforcement actions have delivered nearly $12 billion in relief for 29 million American consumers.
While in Congress, Mulvaney said that the CFPB should not even exist, and called the agency a “sick, sad” “joke.” During that time, Mulvaney also accepted $683,973 in campaign contributions from the financial sector, which the CFPB has regulatory powers over.