CFPB Acting Director Promises Restrained Approach

In a memorandum to Consumer Financial Protection Bureau ("CFPB") employees, Acting Director Mick Mulvaney outlined his approach to governing the agency.

After disputing reports that he intends to shut down the CFPB, Director Mulvaney made it clear that the agency will adopt a different approach from that of his predecessor, former Director Richard Cordray. Director Mulvaney said that the agency will pull back on aggressive actions and no longer seek to "push the envelope." Instead, he pledged that the CFPB will focus on protecting consumers without immediately looking to pursue aggressive enforcement actions. Director Mulvaney asserted that vigorous action will be pursued when necessary, but "only reluctantly, and when all other attempts at resolution have failed."