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efpb semi 1700 G Sirect NWI, Washington, DC 2050 April 4, 2018 ‘The Honorable Elizabeth Warren United States Senate 317 Han Senate Office Building ‘Washington, DC 20510 Dear Senator Watren: ‘Thank you for your letter of March 16, 2018 regarding my prior responses tothe letters you have sent me, First an apology: I was not aware that we had not responded to your leter of November 27, 2017. 1 was under the impression that we had replied to each of your nine leters during ry roughly four months atthe Bureau of Consumer Financial Protection (“Bureau”). A separate response to that letter is attached here to remedy that shortcoming. Again, my apologies Secondly, a thank you: I very much appreciate your recent recognition of my appointment by President Trump as the Acting Director of the Bureau. I believe that isthe first time you have done that; I think it accurately reflects the state of things at he Bureau To the substance of your letter: | could go through the almost eleven pages of single-spaced allegations of all that has supposedly gone wrong atthe Bureau under my leadership. As you can imagine, have a very different take fn hat is actually happening atthe Bureau (and, tllingly ny information is based on being here and does not rely on sources such as leaked ~ and sometimes provably false - materials.) But inthe end { doubt that would prove very productive forcither of us. ‘The basic theme of your leters fairly straightforward: you are unsatisfied with my responses. (On that topic, I can understand your frustration. When I served on the House Committee on Financial Services as a Member of Congress, I was frequently similarly frustrated with what L perceived to be the lack of responsiveness, transparency anc accountability atthe Bureau Indeed, we had trouble atthe time in even getting the Direcior to adequately respond to questions at hearings, let alone getting writen answers to our questios. 1 think the Committee Chairman ‘was ultimately forced to issue 23 subpoenas in order to try to get some meaningful oversight accomplished. ‘consumerfinance.gov encourage you to consider the possibility thatthe frustration you are experiencing now, and that which I hada few years back, are both inevitable consequerces of the fat thatthe Dodd-Prank ‘Wall Street Reform and Consumer Protection Act insulates the Bureau from virally any accountability to the American people through their elected representatives. Put another way: the Bureau was eretled tobe fess accountable than other government bureaucracies, You ‘originally conceived ofthis agency as one that should be “free of legislative micromanaging, ‘and recently reiterated that “the whole idea” ofthe Bureau as to “insulate it fom political influence tothe extent possible,"® but I think most folks woald interpret that exactly as Tam suggesting: less accountable and less transparent. Indeed, itis hard to read “insulate it from political influence” in any other way. {lam trying to improve on the Bureau's record on that somewhat. Toward that end, Ihave revised the Bureau's strategic plan to align it with Congressional intent; Ihave begun taking steps to bea responsible steward of Bureau funding; and we have launched a Call for Evidence to solicit publie comment regarding most aspects of the Bureau's operation, Sill, none ofthat will change the Bureau’s DNA, which isthe Dodd-Frank Act that create it Only by changing the oversight requirements can the Bureas truly be made permanently accountable and transparent. Inthe semi-annual report to Congress released by the Bureau ‘esterday, you will find several legislative recommendations to accomplish exactly that | hope very much that, together pethaps, we can work to fixthe source of our mutual frustrations with the Bureau. ‘As to the 105 specie writen interrogatories in your most recent eter: the law requires me to appear before Congress at semi-annual hearings. [am looking forward to satisfying that statutory requirement this month. And I look Forward to discussing these issues, and my legislative recommendations forthe Bureau, when I testify before the Committe. Sincerely, fick Molvaney ‘Acting Director “Fath Ware. Una a og Rae, Drssocuncy Jou nune/ Merron onemazacne/ Sons any '5 (Summ 2007 vale a vn Wack. Maumee lal tery tx CFB pans berkla, ASEAN BANK {December 3.2017) Ba aca poe xing of he Sense Banking Commit comer regulatory roi eghation, Watt sa “te we Nes ofthe CPPD te even posible ik ll utking ‘seem poise str) aNalabl at apd am anhanker tafe sparks bakled consumerflnance.gov

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