It should come as no surprise that the Trump administration is seeking to reduce regulations and modify the mission of the CFPB to be more about removing regulations that inhibit business, than adding additional regulations to the existing regulations. It is a preference to follow the regulation we have on the books and to empower consumers to take charge of their finances, not to create further burdensome regulatory hurdles.
The announcements came as Mulvaney begins leaving a Trump Administration imprint on the agency, from changing its mission statement to changing the name of a scholar’s program.
Incidentally, Mulvaney is being challenged for the top spot by Cordray’s former deputy, Leandra English, who was tapped by Cordray to serve as interim director until Trump could name a full-time replacement, the court hearing is scheduled for today.
Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group
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