Mulvaney: CFPB Keeps Priorities While Moderating Tactics

Feb 12, 2018

Sen. Sherrod Brown (D-OH), the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, has published a 36-page report criticizing how Mick Mulvaney has run the Consumer Financial Protection Bureau

In an interview ahead of the release of a revised strategic plan for his agency, Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (CFPB), signaled that he is planning to maintain the CFPB’s mission as defined by the Dodd-Frank Act without pushing for heavy-handed enforcement.

“We’re not pushing the envelope,” Mulvaney said during an appearance yesterday on CBS News’ “Face the Nation.” “We’re taking a different attitude toward the job, but the priorities have not changed.”

Mulvaney defined the CFPB as “perhaps the most unaccountable bureau or agency there is,” a reference to its status of not having to be held accountable to Congress. He also appeared to lament the agency’s power structure, which places an unprecedented level of authority in the director’s role.

“We want to run that place with a good deal of humility and prudence,” he said. “This bureau is unlike any other federal bureaucracy. It’s run by one person. Right now, me.”

Mulvaney also criticized the enforcement approach favored by former CFPB Director Richard Cordray, with Mulvaney categorized as making “stuff up as we go.” He also insisted that CFPB enforcement should be held apart from regulatory oversight.

“We enforce the law, we do not make the law,” Mulvaney said.

About the author

Phil Hall

Link copied

Published

Feb 12, 2018

Courts

UWM Seeks More Than $500M From Two Harbors After Failed Deal

Lender alleges Two Harbors undermined their merger and steered the company toward CrossCountry, turning a costly acquisition failure into a federal court fight

The fight over Two Harbors Investment Corp. did not end when shareholders approved its sale to CrossCountry Mortgage.Now United Wholesale Mortgage wants damages.UWM Holdings Corp. and UWM Acquisitions 1 LLC sued Two Harbors in federal court Monday, seeking more than $500 mil...

Wholesale

UWM Offers LOs 90-Bps Incentive On One Agency Loan

Bullseye 90 can be applied to a conventional or government purchase or refinance loan through Sept. 8

United Wholesale Mortgage is giving each loan originator a one-time, 90-basis-point pricing incentive to use on a qualifying agency loan.The wholesaler’s new Bullseye 90 program applies to new locks from Aug. 5 through Sept. 8 on conventional, FHA, VA, and USDA purchase and ...

Sep

San Francisco, CA

More from

Regulation and Compliance

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Regulation and Compliance

Aug 10, 2026

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

Regulation and Compliance

Aug 06, 2026

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

Regulation and Compliance

Aug 05, 2026

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Regulation and Compliance

Aug 05, 2026

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3