CFPB signals changes coming to agency’s basic functions

Signaling yet another Trump Administration effort to remake the CFPB, the agency Wednesday announced that in the coming weeks, it will solicit public comment on agency enforcement, supervision, rulemaking, market monitoring, and education activities.

The Trump Administration had been highly critical of the agency as it was run by former Director Richard Cordray, contending that Cordray was overly-aggressive. The agency, currently run by Office of Management and Budget Director Mick Mulvaney, is expected to take a much less aggressive approach to enforcement.

For instance, the agency on Tuesday announced it might revise the CFPB’s controversial payday lending rules.

On Wednesday, the agency said it will be calling for “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.”

 

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