Leaked Memo Reveals Trump's Plans for Consumer Financial Protection Bureau and It's Pretty Much What You'd Expect

Office of Management and Budget Director Mick Mulvaney. (Photo by Chip Somodevilla/Getty Images)

While serving in Congress, Mick Mulvaney called the Consumer Financial Protection Bureau (CFPB) a "sick sad joke" and drafted legislation to eliminate it. The financial crises during the Obama administration, brought about by Republican-led deregulation of Wall Street and banks during the Bush administration, prompted the creation of the consumer protection watchdog agency.

When President Donald Trump appointed Mulvaney to lead the CFPB, people were shocked. However appointing people who previously vowed to destroy an agency to head that agency has been a hallmark of the Trump administration.

Mulvaney was confirmed as Trump's appointee to head the Office of Management and Budget in February 2017. But Trump appointed him to serve as Acting Director of the CFPB under the Federal Vacancies Reform Act (FVRA), which allows the president to appoint an interim replacement without any Senate hearings or confirmation.

Trump utilized the FVRA to fill a number of positions in his administration. His choice to do so has come under fire for the frequency of its use. FVRA effectively allows anyone to serve in a high government position without vetting by Congress.

The original mission of the CFPB involves protecting American consumers from predatory practices by financial institutions and limiting risks taken by a deregulated Wall Street. But a recent internal memo reveals plans to effectively neuter the consumer protection function of the agency and redirect its efforts.

The "revised mission and vision of the bureau" for 2018 through 2022, slated for Monday, directs the CFPB to "fulfill its statutory responsibilities but go no further." The bureau should also act "with humility and moderation."

Many Republicans called for the CFPB to be shut down since inception, claiming it's too powerful. Within weeks of his interim appointment, Mulvaney worked to neuter the watchdog agency.

Under Mulvaney, the CFPB delayed a new payday lending regulation and dropped a years long investigation into one payday lender who contributed to Mulvaney's campaign. The new CFPB boss also dropped a lawsuit against Golden Valley Lending. The suit claims the lender illegally charges people up to 950 percent interest rates.

This latest move, however, drew some scrutiny for both Mulvaney and his boss.

Fox News

Explosive allegations from an upcoming memoir by former National Security Advisor John Bolton are strengthening the case for additional witnesses at the Senate impeachment trial of President Donald Trump.

According to Bolton's manuscript, the President sought as recently as September to withhold $391 million in congressionally approved aid to Ukraine until its President announced investigations into his political rival, former Vice President Joe Biden.

Keep reading...
Scott Olson/Getty Images // Drew Angerer/Getty Images

The defense team in President Donald Trump's impeachment trial spent its second day of arguments defending Rudy Giuliani, bashing House Democrats, and ignoring bombshell developments regarding former National Security Advisor John Bolton that broke in the days before.

The team went after a familiar target in a performance that was likely only for one audience member: Donald Trump.

Keep reading...

Ken Starr, a conservative pundit and frequent Fox News guest, is best known for his dogged attacks to find impeachable offenses by President Bill Clinton during a multi-year investigation into every aspect of the Clinton family's lives.

In the end, Starr found an extramarital affair which was used to impeach Clinton and that Clinton lied under oath about his personal life.

Keep reading...
Siavosh Hosseini/NurPhoto via Getty Images

President Donald Trump's personal attorney Rudy Giuliani is known by some to hurt his client more than help him.

Such was the case on Monday afternoon, after Trump's impeachment defense attorney, Jane Raskin, defended Giuliani on the Senate floor, dismissing the idea that he went to Ukraine to look for dirt on former Vice President Joe Biden.

Keep reading...
Fox News // Fox News

New allegations from former National Security Advisor John Bolton in his upcoming memoir have thrown a wrench into the efforts of President Donald Trump's impeachment defense team to bypass a vote for additional witnesses.

According to Bolton, Trump told him explicitly that he wanted to withhold congressionally approved aid from Ukraine until its President announced investigations into Trump's political rivals.

Keep reading...
JIM WATSON/AFP via Getty Images // Tom Williams/CQ Roll Call

Congressman Justin Amash (I-MI) left the Republican Party in July of last year after frustration with its enabling of President Donald Trump.

Since then, Amash has publicly taken Trump and others to task for lying, and he sided with Democrats in favor of Trump's impeachment by the House of Representatives.

Amash is at it again after Trump tried to dismiss new allegations by former National Security Advisor John Bolton, who wrote in a manuscript of his upcoming memoir that Trump sought to withhold congressionally approved aid from Ukraine until its President announced investigations into the Bidens.

Keep reading...