More rulemaking, less enforcement, says CFPB’s Mulvaney

consumer financial protection bureau
By Sasha Padbidri
24 Jan 2018

Mick Mulvaney, acting director of the Consumer Protection Financial Bureau (CFPB), explicitly laid out a new “mission” for the agency in an email addressed to employees at the bureau this week, calling for less regulation by enforcement for financial services companies.

Mulvaney confirmed in the email that he had “no intention” of shutting down the bureau, but indicated that he is looking to shrink some of the agency’s regulatory powers.

“We will exercise, with humility and prudence, the almost unparalleled power given to us to faithfully enforce the law ...

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