President Trump weighed in on matters relating to the Consumer Financial Protection Bureau (CFPB), tweeting out his insistence that his administration would not let Wells Fargo off the hook for alleged violations of mortgage lending regulations.
In a tweet on Friday
, the president stated: “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!”
Trump appeared to be responding to a Reuters report that the CFPB under Mick Mulvaney, his appointed acting director, was taking a second look at the CFPB enforcement actions against Wells Fargo, which was charged with improperly charging some mortgage customers special fees in relation to lower mortgage rates. Wells Fargo and the CFPB came to a settlement prior to the resignation of Richard Cordray as the agency’s director.
However, the president has no authority to determine CFPB policy—the agency is designed as an independent regulator and not a department within the Executive Branch. John Czwartacki, a senior adviser at the CFPB, said in a statement that while the agency cannot comment about ongoing enforcement matters, “as matter of principle, Acting Director Mulvaney shares the President’s firm commitment to punishing bad actors and protecting American consumers.”