WASHINGTON—BCFP Acting Director Mick Mulvaney indicated that the Bureau will maintain its consumer complaints database but that changes will likely be made to make the database consistent with the law.
During remarks at a Women in Housing & Finance luncheon this week, Mulvaney noted that, statutorily, the Bureau is not required to make the consumer complaint database public. The BCFP currently has a request for information (RFI) open for comment on its consumer complaint and inquiry handling processes.
In addition, Mulvaney told attendees that the Bureau is working to establish a fintech "sandbox" and has engaged with the U.S. Commodity Futures Trading Commission to determine how best to promote innovation and fair competition within the financial services industry.
In its analysis, NAFCU noted that it has advocated for fintechs to be placed on a level playing field with credit unions and follow the same consumer protection laws.
Mulvaney also gave an update on the Bureau's efforts to improve its functions, and reiterated his call for Congress to place the BCFP under its appropriations process and to reform the Bureau's structure from a single director to a five-person commission.
Mulvaney said he expects to be in his role at the BCFP until the fourth quarter of this year; he has been acting director of the Bureau since November. If a permanent director is nominated by June 22, Mulvaney is able to continue serving in the position until the new director is confirmed by the Senate.
As CUToday.info has reported, NCUA Chairman J. Mark McWatters is said to be under consideration for the position.