CFPB Acting Director Mick Mulvaney has officially changed the Bureau’s mission statement.
The mission statement had previously read: “The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.”
But the new statement, according to a report by InsideArm.com, reads (with italics added to the new wording): “The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.”
Mulvaney has indicated he aligns with President Trump’s mission to remove unnecessary or burdensome regulations, and while the recent Dodd Frank rollback did little to help private lenders and investors, it was certainly a step in the right direction.
Prior to Mulvaney’s appointment to the CFPB, the bureau made a name for itself by assessing mega-fines to mortgage lenders and real estate brokerages topping 5 billion dollars. Recent pushback from CFPB defendants has resulted in 2 federal judges ruling that the
CFPB’s structure is unconstitutional. Perhaps Mulvaney is on our side.
If Mulvaney hold true to his words, perhaps this could be the start of something big. And not just for big business.