Consumer Financial Protection Bureau Acting Director Mick Mulvaney today echoed his previous comments that the CFPB will no longer “push the envelope” with respect to enforcement actions, adding that instead, he envisions a supervisory body that is “mild” but “certain.”
“We are not going to be pushing the envelope anymore,” Mulvaney said, addressing a credit union industry event in Washington, D.C. “We’re not going to bend over backwards to create ways to sue people just because we have the authority to do so. We’re not going to be legislators — it’s supposed to happen at Congress — and that’s where it’s going to happen. We will be the enforcer.”
Under Mulvaney’s leadership, the CFPB has begun a comprehensive assessment of its core mission, issuing requests for information on a number of topics including the bureau’s supervisory processes, enforcement activities and engagement with external parties. He added that going forward, the bureau will seek to protect not just “people who use credit cards” but also “those who provide credit.”
