From the outset it was clear that Mr. Mulvaney’s tenure as acting director of the CFPB would be a political flashpoint. His contentious appointment set the stage for a potential sea change in the agency’s enforcement and rulemaking agenda. Many anticipated that the former South Carolina congressman and current director of the Office of Management and Budget would completely overhaul the CFPB. After only three months on the job, Acting Director Mulvaney has already made several moves indicative of his intent to temper the aggressive stances taken by his predecessor, Richard Cordray, including halting the implementation and enforcement of certain rules against payday lenders, issuing a revamped strategic plan for the agency and seeking public input through broad requests for comment and information.
This is the seventh in a series of articles from Hunton & Williams LLP discussing reform efforts related to the Dodd-Frank Wall Street Reform and Consumer Protection Act.