As Wells Fargo fined $1B, Mulvaney says ‘I have too much authority’

CFPB Acting Director Mick Mulvaney on the agency's decision to fine Wells Fargo $1 billion, the future of the CFPB and House Minority Leader Nancy Pelosi, (D-Calif.), slamming the tax reform legislation.

CFPB Acting Director Mick Mulvaney told FOX Business despite actions taken to protect consumers, he still thinks the bureau needs improvement.

“I have too much authority as an individual – I don’t answer to anyone,” he told Stuart Varney on “Varney & Co.” on Friday.

Wells Fargo, the nation’s third-largest bank, agreed on Friday to pay $1 billion to federal regulators to settle charges relating to mortgage and auto-lending abuses.

While Mulvaney said the joint effort regarding Wells Fargo between the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency bodes well for the future of the financial industry and consumers, he added that changes are needed to make the head of the CFPB accountable.

“If Wells is upset with what happened today, they have no one to complain to,” he said. “If consumers feel that they somehow didn’t get protected today, they can’t complain to anybody. It all comes to this particular office that I currently hold, and that’s not right.”