CFPB Acting Director Mick Mulvaney told members of the House Financial Services Committee yesterday that he wants to better tailor regulations to reduce the regulatory burden on credit unions and community banks, as well as expand the bureau’s use of its exemption authority. These are both priorities for NAFCU, which have been consistently shared with the CFPB and Congress.
Mulvaney also indicated his continued belief that reforming the CFPB’s structure to a commission rather than a single director would increase its accountability and reduce its partisanship. NAFCU has long advocated for this change, and is supportive of the Financial Product Safety Commission Act (H.R. 5266), which would accomplish that.
Mulvaney was testifying before the committee on the CFPB’s semi-annual report to Congress. The report and Mulvaney’s testimony urge Congress to increase oversight and accountability of the bureau, as he believes it currently has too much power.
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