CFPB Seeks Public Input on its Mission Amid Director Drama

CFPB Seeks Public Input on its Mission Amid Director Drama

CFPB Seeks Public Input on its Mission Amid Director Drama

Mick Mulvaney speaks during a news conference after his first day as acting director of the Consumer Financial Protection Bureau in Washington on November 27. The comments could provide the foundation for a significant reworking of the agency's operations. "By scrapping this rule, Mulvaney will allow his campaign donors to continue to generate massive fees peddling some of the most abusive financial products in existence", Warren said.

The announcement came the day after the bureau said it would consider revising or repealing regulations that were created to protect consumers against harmful payday lenders.

The latest announcement is that the bureau "is issuing a call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers".

Specifically, the CFPB plans to publish multiple Requests for Information (RFIs) in the Federal Register, which will ask for comments from the public on "enforcement, supervision, rulemaking, market monitoring, and education activities". "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process". Critics of President Barack Obama's overall expansion of regulations - for banks and consumer credit, environmental emissions and workplace wages and safety - said the payday rule exemplified Obama's excess.

Mulvaney took over as acting director after the bureau's first leader, Richard Cordray, stepped down in November to pursue the Democratic nomination for governor of Ohio.

Phil Murphy Takes Over as New Jersey's Governor
Murphy thanked him for over two decades of public service to the state. Murphy will attend an inaugural ball under a tent at MetLife Stadium.

Despite Mulvaney's name appearing in releases on official CFPB letterhead, the drama over his role atop the bureau remains the subject of litigation.

With the Consumer Financial Protection Bureau now under Trump administration leadership, the agency is deciding whether to stop or roll back a rule to clamp down on payday lenders. The appointment also is being challenged in court by Leandra English, the bureau deputy director who contends she is the rightful acting director.

The CFPB states that its first RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation, and that comments received in response to this RFI will help the Bureau evaluate existing CID processes and procedures, and to determine whether any changes are warranted.

The agency has provided consumers about $12 billion in refunds and debt relief from financial institutions since opening in 2011. Financial services companies have long complained about the CFPB's sweeping power to investigate and penalize firms that appear to have violated consumer protection laws.

"Rather than focus on keeping the government open, the Trump administration's top budget expert is busy unraveling important consumer protections for payday borrowers", Brown said in a statement. She is appealing the decision.

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