'So much for the C in CFPB': Comments of the week

On the need for a comprehensive overhaul of regulatory system:

“The reason rules have ‘exploded’ or become ‘bloated’ isn't due to unilateral action on the part of the regulators. They promulgate regulations in response to statutes passed by Congress. Those statutes have exploded and have become increasingly prescriptive, leaving the regulators with less discretion in writing the regulations. They can examine which laws are unnecessary or counterproductive all they want, but it is Congress that has to do something about those. That's why EGRPRA is a joke.”

Related: The key to efficient regulation? Less is more

On acting CFPB Director Mick Mulvaney firing members of three advisory boards in order to bring in more diverse views:

“Can't wait to see the ‘diversity’ Mulvaney brings in. Out with consumer advocates and community bankers; in with grey arean loan sharks and ‘larger-scale’ lender voices. So much for the C in CFPB. If Mulvaney's draining the swamp, it's only so the predators can more easily see their food. Yep, elections do have consequences... bad ones.”

Related: Mulvaney makes it official, fires CFPB advisory board members

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, April 7, 2016. Testimony from Cordray today may shed light on the status of several regulations that could curtail revenue from payday loans, prepaid cards and other financial products. At a March 16 hearing, Cordray hinted that a rule to limit prepaid cards won't be finished until June. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Richard Cordray

Andrew Harrer/Bloomberg

More on Mulvaney's move to overhaul his advisory boards:

"Consumer advocates fear that Mulvaney "wants to stack the panel with his own hand-picked members." Pretty rich stuff, coming from the folks who were "hand picked" by Cordray."

Related: Is Mulvaney trying to purge CFPB's advisory board?

On a law professor urging the Office of the Comptroller of the Currency to release its findings that Wells Fargo isn’t the only bank that has opened accounts without customer consent:

“Why stop with just releasing abusive sales practices? Let's release whether banks have poor appraisal practices, or inadequate ALLL methodology, or poor staff training, or anything else that's the soup of the day for law professors at GWU. ‘This is a watchdog that’s not barking,’....let's stop the hyperbole.”

Related: Wells Fargo not alone: OCC finds sales abuses at other banks

On Sen. Elizabeth Warren, D-Mass, strongly rebuking the Trump administration’s deregulatory agenda:

“Long on sound bites. short on examples of just where those greedy corp. B's are taking advantage. And, seems that after all those regs were past, didn't those big, evil banks get even bigger (and continue to do bad things, i.e. Wells)?”

Related: #Warren2020 gains steam with sweeping pitch for new regs