On April 2, 2018, the Consumer Financial Protection Bureau issued its semi-annual report to Congress.  Along with the traditional review of Bureau activities for the 6-month period covered by the report, the report is most notable for the 4 legislative proposals offered by Acting Director Mulvaney in his introductory letter, each of which would serve as a substantial check on the Bureau’s authority and independence. View Full Post
Yesterday, the CFPB released a new Strategic Plan for fiscal years 2018 to 2022.  The new Plan is a further demonstration of Acting Director Mulvaney’s efforts to reshape the Bureau.  As the Acting Director says in the message that prefaces the Plan, “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.” The result is a plan that is half the size of the earlier Draft Strategic Plan (issued in October 2017 when Richard Cordray was still the Bureau’s Director) and offers a vision of markets “where the rights of all parties are protected by the rule of law.”  Consumer access to products now stands alongside consumer protection as a central goal, and reducing unwarranted regulatory burdens commands a place beside promulgating needed regulations. View Full Post