WASHINGTON—CFPB Acting Director Mick Mulvaney has officially changed the Bureau's mission statement.
The mission statement had previously read: “The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.”
But the new statement, according to a report by InsideArm.com, reads (with italics added to the new wording): “The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.”
“What's new here is the concept of identifying unnecessary or burdensome regulations – one we've heard from President Trump in his earliest days in office – and a change in enforcement focus from CFPB rules to ‘federal consumer financial law. And the word ‘fair’ was removed,” InsideArm.com reported.
InsideArm.com also noted that Mulvaney has:
- Announced new staff additions – several of them on loan from his other place of work, the Office of Management and Budget
- Abandoned the planned consumer debt collection disclosure survey
- Announced that the Bureau does not intend to assess penalties for errors in data collected in 2018, and plans to reconsider aspects of the Mortgage Data Rule
- Announced that the Bureau expects to issue a final rule amending certain aspects of its 2016 rule governing prepaid accounts soon after the new year