SEATTLE—BCFP Acting Director Mick Mulvaney said he is working to focus the Bureau on the law – no longer regulation by enforcement – so entities are "clear about what the rules of the road are."
Mulvaney made the statement in a video message delivered at NAFCU’s Annual Conference here. NAFCU President and CEO Dan Berger interviewed Mulvaney for the video message, covering various changes he's made at the Bureau and what supervised entities can expect going forward.
Reiterating throughout the interview that credit unions are the good guys and did not cause the financial crisis, Mulvaney said he is hoping to focus the Bureau's attention on the really bad actors. "We are here to protect consumers," Mulvaney said. "If you are violating the law, we will get you, but we aren't in the 'gotcha' game."
Mulvaney also touched on those items he requested of Congress that he said would add transparency to the Bureau's operations. Among the other issues addressed by Mulvaney were a request for an independent inspector general (currently the Bureau shares one with the Federal Reserve), a request to become part of the congressional appropriations process, issues surrounding the ability of the president to fire the BCFP director, and his support for a five-person commission to lead the Bureau rather than a single director.
Berger and Mulvaney also talked about the Bureau's UDAAP authority, regulatory relief and changes being made to its councils and boards, including the Credit Union Advisory Council.
In closing, Mulvaney touted credit unions and the role they play in the financial marketplace. "I know credit unions and I know they are about their members," he said. "Thank you for what you do."