"The lengthy pledge states in part that the CFPB's "goal is to work collaboratively with the entities to review entities' processesfor compliance and/or remedy existing problems," and the agency "is doing so by encouraging self-reporting and resolving issues in Supervision, where feasible, instead of via Enforcement." CFPB Union president Cat Farman inquired: "Is this fan fiction I'm reading? What's next, 'Russell Vought Tells CFPB Examiners to Serve Tea to Their Wall Street Masters in Tiny French Maid Aprons'?""
"That's what Consumer Financial Protection Bureau Union member Alexis Goldstein said on Monday about the CFPB acting director's new " humility pledge " that examiners with the agency's Supervision Division will be forced to read to financial institutions before conducting reviews next year. Several other CFPB Union members joined Goldstein in blasting Vought's pledge, including treasurer Gabe Hopkins, who said that "whoever wrote this has never even spoken to an examiner before, only been wined and dined by industry lobbyists.""
Russell Vought created a 'humility pledge' that CFPB Supervision examiners must read to financial institutions before conducting reviews next year. The pledge states the CFPB's goal is to work collaboratively with entities to review processes for compliance and remedy problems, encouraging self-reporting and resolving issues in Supervision when feasible rather than via Enforcement. CFPB union members denounced the pledge as subservient to industry; Alexis Goldstein called it a 'weird, creepy pledge of allegiance to big corporations,' Gabe Hopkins criticized its authorship, and Cat Farman urged Vought to resign so examiners can protect Americans from Wall Street fraud. Vought also serves as Director of the Office of Management and Budget.
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