Mulvaney pledges to scrub CFPB rules to loosen regulation

The CFPB intends to scrub its existing rules to determine if they strictly follow the Dodd-Frank Act and go no further, the agency said in a new Strategic Plan issued Monday.

“Indeed, this should be an ironclad promise for any federal agency; pushing the envelope in pursuit of other objectives ignores the will of the American people, as established in law by their representatives in Congress and the White House,” CFPB Director Mick Mulvaney said, in releasing the plan.

He added that “pushing the envelope also risks trampling upon the liberties of our citizens or interfering with the sovereignty or autonomy of the states or Indian tribes. I have resolved that this will not happen at the Bureau.”

Mulvaney said that the agency will review regulations that it has issued during the past five years with the goal of relieving what he believes is a burdensome regulatory regime.

 

continue reading »

More News