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
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...