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CFPB Acting Director Mick Mulvaney has recommended four statutory changes to the Dodd-Frank Act in in order to increase oversight and accountability of the bureau. Mulvaney's recommendations preceded the CFPB's semi-annual report to Congress.

Mulvaney, in his opening message, said the CFPB "is far too powerful, and with precious little oversight of its activities." He also critiqued the director's power under Dodd-Frank, which put legislative-, executive- and judiciary-type powers into one person, limiting checks and balances at the bureau.

To address those concerns, Mulvaney requested Congress amend Dodd-Frank to:

• fund the bureau through congressional appropriations;

• require legislative approval of major bureau rules;

• ensure the CFPB director is accountable to the president when using executive authority; and

• create an independent Inspector General for the CFPB.

NAFCU has long advocated for increased accountability at the CFPB, including implementing a commission structure rather than a single director, and bringing it under the congressional appropriations process.

Mulvaney will testify before two congressional committees next week – the House Financial Services Committee on Wednesday, April 11, and the Senate Banking Committee on Thursday, April 12 – during which he'll likely further explain his recommendations.

The CFPB is required to provide semi-annual reports to Congress, which touch on nine elements of the bureau's work including consumers' problems within the financial services industry, significant rules adopted by the bureau and an analysis of complaints received by the bureau. The newest report covers April 1, 2017, through Sept. 30, 2017, before Mulvaney was named acting director.