New look CFPB refocuses enforcement and supervision priorities

Author: John Crabb | Published: 12 Feb 2018

The Consumer Financial Protection Bureau (CFPB) has initiated a sharp volte-face with regard to enforcement and supervision at the agency under acting director Mick Mulvaney. 

Although the dust has yet to settle regarding who the rightful successor to outgoing director Rich Cordray should legally be – a saga that has been going for weeks now  – Mulvaney has already made radical changes that critics say could signal the end of the bureau he once vocally opposed. 

Shortly after his appointment on November 24, Mulvaney froze all hiring decisions and regulatory activities, saying that he needed some time to see what was going on and, as he put it, 'kick the tires’. He also said that he was going to spend that time to go through and understand the status of each of those pending enforcement matters.

Stephanie Robinson, partner at Mayer Brown, confirmed that things have been moving uncharacteristically...