CFPB will pull back, act with ‘humility,’ internal memo says

by Ryan Smith12 Feb 2018

The Consumer Financial Protection Bureau will pull back its enforcement actions and act with “humility and moderation” according to an internal memo.

The memo, obtained by Reuters on Monday, said that the CFPB will seek to promote a free market for financial services.

“If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further,” CFPB Chief of Staff Kristen Sutton wrote in the memo, which was sent to the entire CFPB staff Friday, according to Reuters.

The memo said that the agency will work toward a goal of “free, innovative, competitive, and transparent consumer finance markets where the rights of all parties are protected.”

The move was not unexpected. Following the departure of CFPB Director Richard Cordray in November, President Donald Trump appointed Mick Mulvaney, an outspoken critic of the agency, as acting director. The CFPB has long been the subject of heavy criticism by Republican lawmakers, who have accused the agency of overstepping its role through too-zealous regulatory enforcement.


Related stories:
31 senators ask CFPB for Equifax probe details
Comptroller of the Currency praises Mulvaney’s moves at CFPB

COMMENTS

  • by Rich | 2/12/2018 1:10:17 PM

    I agree with this. As a mortgage professional in a company that is ultra compliant, there is always the fear that no matter how hard we work to be compliant, any over zealous regulator can “find” a violation in any company if they search hard enough and then come down with an iron fist. We have all been running scared these past several years. It’s a form of oppression.

  • by Mortgage Lady | 2/12/2018 1:42:52 PM

    I agree. Also, I feel like the changes in the mtg industry post financial meltdown of 2008 are absurd. The new LE is more confusing than the GFE and TIL EVER was. Whoever designed it obviously was not in the business. I feel sorry for customers now more than ever because it’s even harder to understand and because of new regulations even harder to correct LEGITIMATE changes that OFTEN occur in a dynamic industry more often than not, the consumer is worse because of TRID and operating in this market is much more complicated and seems to serve no positive function. Only seems to pretend to. I’ve been doing this for 30 years. The meltdown was a result of greedy wall street players, not mortgage mortgage officers.

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