WASHINGTON—CFPB Acting Director Mick Mulvaney says he is not “gutting” the Bureau, but that he does mean to change it.
In an op-ed in USA Today, Mulvaney said the fact he intends to change the CFPB “shouldn’t surprise anyone. That’s exactly what happens to every agency when a new administration appoints new leadership. And we’re looking for a lighter regulatory hand: bringing common sense and balance to government regulation is a central tenet of this administration.
“Toward that end, I changed the internal structure of our fair lending enforcement and supervision functions. I did that in order to have only one office, not two, that handles enforcement, and only one, not two, that handles supervision,” Mulvaney wrote. “I also decided to reconsider rules on payday lending. Going unreported: State regulators told the bureau years ago that such rules were unnecessary, as many states had already regulated those businesses.”
Mulvaney also explained why, as CUToday.info reported, he asked for zero dollars to fund the Bureau’s operations. Instead, the CFPB will draw upon reserves.
“The CFPB is one of the most — if not the most — powerful federal agencies in existence. It is also the least transparent or accountable. As director, I have almost total control over regulations and access to virtually unlimited funds. In some cases I am even judge, jury and executioner. I do not answer to Congress, to the people I regulate, or even to you,” wrote Mulvaney. “If I am going to run a government agency like that, I am going to do it with humility toward those we serve, prudence in the exercise of our authority and respect for the law. I hope we never see a time when that equates to ‘gutting.’”