Banks Remain Quiet On Mulvaney CFPB Appointment

The New York post quoted Iain Murray about the conditions of a legal standoff surrounding the CFPB. 

While Washington was buzzing on Monday over the battle for immediate control of a key consumer financial watchdog, New York’s major banks were strangely quiet.

Representatives for several banks — as well as the American Bankers Association, an industry group — declined to comment on the White House’s effort to name Mick Mulvaney the acting director of the Consumer Financial Protection Bureau.

The CFPB, a favorite punching bag for Republicans since it was established in 2011, tried to block the White House from naming an interim boss.

The bureau’s deputy director, Leandra English, asked a Washington court to block the appointment of Mulvaney.

Mulvaney is expected to curb the CFPB watchdog and make its enforcement of banking regulations less aggressive. In the past, he has been critical of the agency.

But several banks, the ABA and the Independent Community Bankers of America were quiet when asked for their take on the tug-of-war.

“I always say, put not thy faith in judges,” Iain Murray, a vice president at the Competitive Enterprise Institute, told The Post, when asked about the hubbub over the Washington legal face-off.

Read the full article on the New York Post.