Mulvaney Uncertain on CFPB Tenure Length – NMP Skip to main content

Mulvaney Uncertain on CFPB Tenure Length

Phil Hall
Mar 05, 2018
Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (CFPB), has informed the agency’s staff that he has no plans to fire or reassign Eric Blankenstein

The Acting Director of the Consumer Financial Protection Bureau (CFPB) stated that he could remain at his job for another six months if a new full-time Director is not nominated by President Trump and confirmed by the Senate.
According to a report in The Hill, Mick Mulvaney told a U.S. Chamber of Commerce conference last week that he had "no idea" when he would be leaving the CFPB. “The statute allows me to stay until the end of June, but if the President nominates someone before then, the statute allows me to stay until they’re confirmed,” he said.
Mulvaney, is also Director of the Office of Management and Budget (OMB), repeated his long-held criticism that the CFPB’s structure created more problems than solutions when it came to enforcement matters.
“I am the judge, I am the jury, and I am the executioner in some of these investigations, and that is completely wrong,” Mulvaney continued. “If the statute requires us to do something, we will do it. If the statute doesn’t require us to do something, we will not do it.”
Mulvaney also praised the CFPB staff by noting that “most of the folks I work with are extraordinarily talented,” and he claimed the experience was a positive one. “I was expecting it to be much worse than it is. I was very worried that it would be me versus 1,700 people.”
To date, the President has not offered any clue on when a new CFPB Director would be nominated. The agency’s first Director, Richard Cordray, resigned last November in order to seek the Democratic nomination for governor of Ohio.

Mar 05, 2018
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022