Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, is expected to release a new strategic plan today, which will detail the agency’s new outlook on its role in financial services regulation.
According to a published report, the CFPB will “fulfill its statutory responsibilities but go no further,” while also “acting with humility and moderation.”
The new strategic plan follows similar comments made by Mulvaney last month, when he indicated that the CFPB would no longer “push the envelope” in enforcing consumer protection laws.
Mulvaney was on CBS’s “Face The Nation” yesterday, and said that the CFPB “will enforce the law,” but will not “make the law.”
The new strategic plan is expected to cover the CFPB’s initiatives from 2018 through 2022. Mulvaney was named acting director in November, when former director Richard Cordray resigned. Mulvaney’s tenure as acting director can only last 210 days. A permanent successor has not yet been named by President Trump.
Mulvaney’s strategic plan will likely differ significantly from a draft plan created by Cordray before he left office. That plan, in part, said the CFPB’s mission was to help “consumer financial markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.”
