How Events of 2017 Will Shape The Consumer Financial Services Industry in 2018

Last year was eventful, to say the least. Changes in government leadership and a massive data breach are just two of the many occurrences that will impact the ARM industry well into the new year. Let’s take a look back at the last year and reflect on what it will mean in 2018 and beyond.  

In November, Richard Cordray stepped down from his post as director of the Consumer Financial Protection Bureau in order to run for the Governor’s seat in Ohio. His last act at the helm was to name his successor, Leandra English. As we all know now, this appointment was not honored, and English is still fighting a legal battle to take over as acting head of the agency. 

The disagreement on leadership is not the only thing at the CFPB that indicates change for the industry. The actions taken by acting head Mick Mulvaney have shown a vastly different attitude toward regulation within the agency. For example, on January 18, the acting director submitted a quarterly budget request of $0 for the agency.

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