Business as usual at CFPB despite Mulvaney threats

Author: John Crabb | Published: 6 Nov 2018

The Consumer Financial Protection Bureau (CFPB) continues to prosecute bad actors in much the same way as they did before acting director Mick Mulvaney took over from Richard Cordray. This is despite loud claims to the contrary and suggestions that the bureau would cease to function in its previous guise.

While the number of enforcement actions actually brought by the CFPB has dropped since Mulvaney assumed the position in November 2017, the substance of those actions and the types of claims that are being made has remained much the same.

"The nature of the claims and the legal arguments that they are making are basically the same as they were before, even in areas where Mulvaney has suggested that he thought that the bureau was acting improperly, overreaching or not providing fair notice to companies about what is or what isn’t prohibited," said Mayer Brown partner Ori Lev.