Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, dismissed the agency’s 25-member advisory board yesterday, days after some of its members criticized his leadership of the watchdog agency, the Washington Post reported. The CFPB said that it will revamp the Consumer Advisory Board (CAB) in the fall with all new members. The panel has traditionally played an influential role in advising the CFPB’s leadership on new regulations and policies. But some members, who include prominent consumer advocates, academics and industry executives, began to complain that Mulvaney was ignoring them and making unwise decisions about the agency’s future. On Monday, 11 CAB members held a news conference and criticized Mulvaney for, among other things, canceling legally required meetings with the group. Yesterday, group members were notified that they were being replaced — and that they could not reapply for spots on the new board.
