With States Stepping Up Enforcement, Mulvaney Offers CFPB’s Partnership and Deference

Consumer Financial Protection Bureau (“CFPB”) Director Mick Mulvaney spoke to the National Association of Attorneys General winter meeting in D.C. on February 28, addressing the agency’s priorities under his leadership. He emphasized the different role that the CFPB will be playing under the Trump Administration, focusing mostly on targeting clearly illegal acts rather than making new law or policy, and said that he will be relying more on the states to take the lead in enforcement. Several Democratic AGs visibly grimaced during his remarks, particularly when he described the differences between his priorities and those of his predecessor, former CFPB director Richard Cordray, who had served as the Democratic AG of Ohio prior to his CFBP tenure and who brought many staffers to the agency who had previously held career consumer protection positions at various state AG offices. It is clear that the states will be taking on more power in this area, especially…

Read more detail on Recent Banking and Finance Law posts –

This entry was posted in Banking and Finance law and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply