Mulvaney initiates ‘critical’ review of CFPB policies

by Francis Monfort19 Jan 2018
President Donald Trump’s appointee to lead the Consumer Financial Protection Bureau has announced a review of the agency’s policies and procedures.

CFPB Acting Director Mick Mulvaney, who also serves as director of the Office of Management and Budget in the White House, announced the effort amid the continuing legal battle over agency leadership. Deputy Director Leandra English has recently appealed a federal court ruling in favor of Mulvaney. The case may continue all the way to the Supreme Court.

"In this New Year, and under new leadership, it is natural for the bureau to critically examine its policies and practices to ensure they align with the bureau’s statutory mandate. Moving forward, the bureau will consistently seek out constructive feedback and welcome ideas for improvement," Mulvaney said. "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. I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate."

As part of the review, the CFPB will issue a series of requests for information through the Federal Register in the coming weeks. The bureau said the requests will allow the public an opportunity to provide feedback and suggestions for improvement on enforcement, supervision, rulemaking, market monitoring, and education activities. CFPB said the calls for evidence would help the agency fulfill its “proper and appropriate functions.”

The CFPB said its first request will seek comment on Civil Investigative Demands, which the bureau issues in an enforcement investigation.


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