Acting Director Urges Changes in CFPB's Structure

Posted To: MND NewsWire

The Acting Director of the Consumer Financial Protection Bureau (CFPB) presented the Bureaus semi-annual report to Congress on Monday. The report, which details CFPB's work through the end of the 2017 Fiscal Year, was not the main event. Mick Mulvaney, who holds the temporary position in the CFPB along with being director of the Office of Management and Budget (OMB), prefaced the report with a memo suggesting Congress make changes that will fundamentally alter the mandate and structure of the agency. Mulvaney, the legality of whose appointment is being challenged in court, had harsh words for the Bureau. He states that it has been evident since the Dodd-Frank Act, which created CFPB, was enacted that it was "far too powerful and with precious little oversight of its activities." Dodd-Frank...(read more)

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