‘Richard Nixon might disagree’: Comments of the week

On acting CFPB Director Mick Mulvaney’s plan to assign political appointees to shadow career staff at the agency:

“How would people feel if DJT planted political operatives in the IRS to oversee audits? There is a reason why some government functions are traditionally handled by a meritocracy and not political hacks, though Richard Nixon might disagree.”

Related: Mulvaney's plan to embed political staffers in CFPB sparks backlash

On how other countries encourage financial innovation:

“I've just returned from Taiwan, where it was such a pleasure to see bankers, technology leaders, universities and regulators, all getting it enthusiastically, and making rapid strides toward a reshaped financial system. Although we led in investment in financial technology, we are being left behind as we muddle around with ‘fintech charters’ and ‘projects’ that are meaningless regulatory concessions.”

Related: Regulators say they promote innovation, but the opposite is true

On Senate Democrats urging President Trump to nominate a permanent CFPB director in lieu of Mulvaney:

“Answering the question of the constitutionality of the bureau as its structured today should take priority over the ‘who should run it’ debate. An honest assessment of the bureau irrespective of your political views should be that it has done good, and it has done harm. The PHH case was the tipping point for me, that the bureau does not have proper constitutional checks and balances.”

Related: Senate Democrats demand CFPB leader 'who is tough on Wall Street'

Another reader opines on the turmoil within the CFPB:

“CFPB has a role to play but it should do so with full transparency and the guardrails and lines should be clear of what is expected of financial institutions and not left to multiple shifting interpretations based on the direction of political winds. Only then can we assess what is and is not too much or too little regulation.”

Related: Senate Democrats demand CFPB leader 'who is tough on Wall Street'

Opining on the 1,600-employee workforce at the CFPB:

“Wow and this organization was just created a couple of years ago. Think about the cost, not just salary and benefits, but real estate, computers, hvac, reimbursable expenses, furniture and down to pens, pencils and paper . . . . all without a budget!”

Related: Mulvaney’s first days at CFPB: Payday, personnel and a prank

‘Richard Nixon might disagree’: Comments of the week