When Richard Cordray was director of the Consumer Financial Protection Bureau (CFPB), the agency averaged two to four enforcement actions per month. But since Cordray left the agency in late November, the CFPB has not taken any enforcement actions against the financial services industry.
According to an Associated Press analysis
of CFPB records obtained through a Freedom of Information request, the CFPB’s enforcement actions came to a halt when Mick Mulvaney took over as acting director. Mulvaney had been critical of a perceived regulation-through-enforcement policy that occurred under Cordray, which resulted in $3.97 billion via fines and penalties to financial services companies.
Mulvaney is scheduled to appear before Congress on Wednesday and Thursday to update the agency’s activities. "I made it clear that the Bureau will continue to execute the law, but will no longer go beyond its statutory mandate," Mulvaney said in his recently issued semi-annual report to Congress.