Mulvaney Recommends Structural Changes to CFPB

Acting CFPB Director Mick Mulvaney has released his first Semi-Annual Report to Congress. The period covered by this report, April 1, 2017-September 30, 2017, does not include his own time in the office. It is notably different than the reports submitted by his predecessor, Richard Cordray, as he includes recommendations to limit the power of the position he holds. In his opening message Mulvaney says,

“As has been evident since the enactment of the Dodd-Frank Act, the Bureau is far too powerful, and with precious little oversight of its activities. Per the statute, in the normal course the Bureau’s Director simultaneously serves in three roles: as a one-man legislature empowered to write rules to bind parties in new ways; as an executive officer subject to limited control by the President; and as an appellate judge presiding over the Bureau’s in-house court-like adjudications.”

He then makes the following recommendations:

View this content by subscribing

Please register to unlock this content

I already have an account. Log in