FOR IMMEDIATE RELEASE

Sept. 27, 2018

CONTACT:
Carter Dougherty, carter@ourfinancialsecurity.org, (202) 251-6700

AFR Statement on Report about CFPB Enforcement Official

Today, The Washington Post published an article about the racist and misogynist writings of Eric Blankenstein, the political appointee that Mick Mulvaney installed to oversee supervision, enforcement, and fair lending at the Consumer Financial Protection Bureau.

“Whether it’s dismantling offices within the agency charged with fighting discrimination in lending, or limiting enforcement of existing law, Mick Mulvaney’s CFPB is trying to turn back the clock on racial and economic justice,” said Linda Jun, senior policy counsel at Americans for Financial Reform. “Having someone with these views in a senior management position — and in fact in charge of ensuring fair lending — is a part of advancing his agenda of enabling discrimination by Wall Street and predatory lenders. “

Mulvaney chose Blankenstein as the policy associate director for supervision, enforcement, and fair lending, which puts him in control on some of the most important work at CFPB. Under Mulvaney the CFPB has:

• Restructured the Office of Fair Lending and Equal Opportunity to limit its power in supervising big banks and enforcing the laws on the books.
• Declared their interest in ignoring the disparate impact standard, a longstanding legal test that helps authorities fight discrimination that results in more expensive auto loans and mortgages for African-American and Latino communities.
• Curbed enforcement against predatory payday lenders, who often target communities of color with their products.

 ###