WASHINGTON—For those who have not yet gotten the message, the acting director of BCFP has again stated there are going to be some changes to the way the agency regulates.
Acting CFPB Director Mick Mulvaney said that the Bureau would no longer practice what he called “regulation by enforcement.”
“The regulation by enforcement answer is really simple – we aren’t doing it anymore,” Mulvaney said during a keynote speech at the annual legislative meeting and trade expo of the National Association of Realtors, according to Builder. “It’s a fairness issue. If you’ve done something for so long and the government wants to change the rules, shouldn’t’ the government have to tell you they are changing the rules before they fine you?”
Mulvaney said his goal at the CFPB was to bring clarity to both consumers and businesses about what is and is not legal. Mulvaney lashed out at the Obama administration, saying that under that administration, businesses were punished for legal business practices that the administration simply felt should be illegal.
“We are not out to make you look like a bad guy if you are not,” Mulvaney said. “We are out to enforce the law, not become the law.”
Mulvaney also said he wanted to do away with overly burdensome regulations, Builder reported.