In a time when we need consumer protection, the U.S. Consumer Financial Protection Bureau (CFPB) has unfortunately decided to pull back its activities and seek to promote a free market for financial services, according to a new article by Reuters today.
The CFPB will release a new strategic plan this week that will detail changes under the bureau’s new acting head, White House Budget Director Mick Mulvaney. This is in the wake of Mr. Mulvaney’s appointment by President Donald Trump. “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,” wrote the new CFPB Chief of Staff Kirsten Sutton in a memo sent on Friday to the entire CFPB staff, first reported by National Public Radio.
Please voice your concerns to the CFPB, and help prevent the pullback on consumer rights!
For example, the CFPB recently issued a Request for Information (RFI) about the Bureau’s enforcement processes. The Bureau is seeking information to help assess the overall efficiency and effectiveness of its processes related to the enforcement of federal consumer financial law. This is the third in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The RFI on enforcement processes is available at: http://files.consumerfinance.gov/f/documents/cfpb_rfi_enforcement-processes_022018.pdf
The CFPB will begin accepting comments today, February 12. More information about the call for evidence is available at: http://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/