Mulvaney insists watchdog is still doing its job

Mick Mulvaney tried Wednesday to reassure Democrats on a House finance panel that he’s committed to punishing unscrupulous financial companies.

But he agreed with Republicans that the watchdog agency he runs needs to be reined in and refocused.

Mulvaney appeared before the House Financial Services Committee, his first appearance before Congress as acting director of Consumer Financial Protection Bureau (CFPD) since U.S. President Donald Trump named him to that position in late November.

He continues to hold his other job as Trump’s budget director.

Since Mulvaney took over, the bureau has not issued an enforcement action against any financial company and has dropped cases against payday lenders.

He also has announced he would revise or revisit many of the rules or regulations that his predecessor, Obama-appointee Richard Cordray, put into place under his tenure.

Democrats including Maxine Waters criticized that record Wednesday.

They worry that the CFPB under Mulvaney is taking a business-friendly approach at the expense of consumers.

Mulvaney said the bureau continues to do its job, with numerous investigations of financial companies in the works.

“We are still enforcing the law,” Mulvaney said.

“I have not burnt the place down,” repeating a phrase he has often used to combat his critics.

Republicans praised Mulvaney’s performance at the CFPB so far. Mulvaney is the first Republican to lead the bureau since it was created under the Obama administration.

Rep. Jeb Hensarling, chair of the House Financial Services Committee, said that while he still feels the CFPB is an unaccountable, unconstitutional agency, Mulvaney’s actions since taking over have been a “welcome change.” Hensarling is a longtime critic of the CFPB, and has sponsored several bills that would either abolish or severely restrict the bureau’s capabilities.

Meanwhile, congressional Democrats refused to acknowledge that Mulvaney is the acting director of the bureau, referring to an ongoing court case in which the deputy director of the bureau, Leandra English, is suing, claiming that she is the true acting director.