Posted January 24, 2018
Interim Consumer Financial Protection Bureau Director, Mick Mulvaney, penned an Op-Ed for the Wall Street Journal. The theme was similar to a strongly worded memo sent to CFPB staff the same day. Acting Director Mulvaney slammed the "mission" of the agency under his predecessor while laying out a new governing philosophy for the bureau. He was very direct on the mission of CFPB: “I intend to exercise our statutory authority to enforce the laws of this nation. I intend to execute the statutory mandate of the bureau to protect consumers. But we will no longer go beyond that mandate. If Congress wants us to do more than it set forth in the Dodd-Frank Act, it can change the law”.
Other CFPB headlines include the appointment of two House Financial Services (HFSC) staff members to the CFPB Executive Staff. Kirsten Mork left as Staff Director at the House Financial Services Committee to become Chief of Staff at the CFPB, starting next week. HFSC Senior Counsel, Brian Johnson, was appointed to the agency as a Senior Adviser to the Director, last month. Both Kirsten and Brian are extremely familiar with the ACH Network and the value of private sector rulemaking.