Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, yesterday announced a comprehensive review of all of the agency’s enforcement, supervision, rulemaking, market monitoring, and education activities.
The reviews will be conducted in a series of a Requests For Information that will seek comment and “provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.”
The first part of the CFPB to be reviewed will be its Civil Investigative Demands, which are issued during CFPB investigations.
ACA International released the following statement regarding the announcement:
“ACA applauds Acting Director Mulvaney’s leadership in reaching out to stakeholders in order to obtain input on how the CFPB has been carrying out its statutory mandate and suggestions for improvement,” said Maria Wolvin, ACA’s Vice President and Senior Counsel of Regulatory Affairs. “ACA looks forward to participating in this important process to share our members’ experiences as regulated entities under the CFPB.”
Rep. Jeb Hensarling [R-Texas], the chairman of the House Financial Services Committee and a rumored candidate to be the next full-time director of the CFPB, lauded the move.
“I want to take this opportunity to commend Acting Director Mulvaney on his recent call for evidence of the CFPB’s track record under its previous leadership,” Rep. Hensarling said in a statement. “As I have said for years, the CFPB has an important mission, and it is capable of great good. But when it acts without accountability or transparency, it is also capable of great harm. The federal government must root out fraud and other illegal acts perpetrated by those engaged in interstate commerce, but Congress must also protect the American people from overreach at the CFPB, which infringes on consumer choice and economic freedom under the guise of consumer protection.”
