CFPB will take another look at the payday lending rules

Mick Mulvaney speaks during a news conference after his first day as acting director of the Consumer Financial Protection Bureau in Washington. The CFPB is reconsidering a key set of rules enacted in 2017

Mulvaney said in a Wednesday statement that it's "natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau's statutory mandate".

On Wednesday, Mulvaney announced he was launching a review of the entire operation of the consumer watchdog agency created in the wake of the 2008 financial crisis.

"Millions of American consumers use small-dollar loans to manage budget shortfalls or unexpected expenses", he said. The Consumer Financial Protection Bureau's independent funding structure has been key to its success, which in just six years has returned almost $12 billion to more than 29 million impacted consumers. This was just a day after the bureau issued a statement of under 200 words announcing reconsideration of its controversial payday lending rule and creation of an interim compliance approach to the rule.

The Consumer Financial Protection Bureau on enforcement, supervision, rule-making, market monitoring and education - which is most everything the Obama-era regulator was set up to do.

Despite Mulvaney's name appearing in releases on official CFPB letterhead, the drama over his role atop the bureau remains the subject of litigation. "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process". Most of those rules were slated to take effect next year.

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Back in November, just before Cordray stepped down to pursue the Democratic nomination for OH governor, the outgoing director named Leandra English as his deputy director.

The CFPB states that its first RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation, and that comments received in response to this RFI will help the Bureau evaluate existing CID processes and procedures, and to determine whether any changes are warranted.

"It is a troubling move from a man who is clearly hellbent on dismantling the agency he has been tasked with overseeing when he should be fulfilling its mission to protect consumers and hold bad financial actors accountable", Frisch said.

16, announcement from the Consumer Financial Protection Bureau indicates it will ease the regulation passed in October despite a massive lobbying campaign by the industry. Financial services companies have long complained about the CFPB's sweeping power to investigate and penalize firms that appear to have violated consumer protection laws. Meanwhile, would-be Acting Director Leandra English, stymied twice in federal court, continues her lengthening quest to supplant Mulvaney from his job.

The bureau's leadership is uncertain amid the court battle over the acting director position. A federal judge ruled in Mulvaney's favor earlier this month and English has appealed that ruling. She is appealing the decision.

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