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Rep. Waters Leads Coalition of Democrats With New Bill Aimed at Undoing Changes at CFPB

A group of 30 House Democrats have introduced legislation aimed at undoing many of the changes that were put in place at the Consumer Financial Protection Bureau during the year-long reign of former Acting Director Mick Mulvaney.

Led by Rep. Maxine Waters [D-Calif.], the chairman of the House Financial Services Committee, the Consumers First Act would limit the number of political appointments at the CFPB, restore supervision and enforcement authority to the Bureau’s Fair Lending Office, and ensure the Bureau’s complaint database remains open to the public.

Rep. Waters introduced similar legislation last October, but the bill did not make any progress.

The timing of the announcement is intended to coincide with the appearance of Kathy Kraninger, the CFPB’s Director, who is scheduled to testify before the House Financial Services Committee this morning.

“The bill reverses the harmful structural changes Mulvaney and his deputies made to damage the agency one by one,” Rep. Waters said yesterday at a press conference announcing the legislation, according to a published report.

Rep. Waters said during the press conference that she is not willing to compromise on any component of the bill, which may pass in the House, but will likely not pass in the Republican-controlled Senate.

““I do not have any consideration for compromise on how that bureau is run,” she said.

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