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CFPB’s Tough Monday: Ripped in Budget and Reined In by New Chief

The trump administration’s determination to revamp the Consumer Financial Protection Bureau took shape Monday with its acting head pledging to narrow the agency’s focus just after the White House ripped the regulator in its annual budget proposal. The CFPB will be “will go further than the mission outlined in the 2010 Dodd-Frank Act, Mick Mulvaney, its temporary director, said in a revised five-year strategic plan for the regulator. Doing so will serve as a bulwark against the misuse of unparalleled powers, “he added. Mulvaney, whose permanent job is leading the Office of Management and Budget, has long been responsible for the management of mortgages, credit cards and other consumer products. The OMB plays a key role in formulating the president’s spending plan, which was aggressive this year in calling out the CFPB.

A key criticism: the agency’s director has too much power to issue rules and penalize companies without accountability from lawmakers. The CFPB’s brief history has been made by the President of the United States, “President Donald Trump’s budget proposal said. The spending request for the funding and the provision of powers. Since taking over the CFPB in November, Mulvaney has taken the lead from Richard Cordray, the Obama Administration. In the 16-page strategic plan released Monday, Mulvaney said “Pushing the envelope in pursuit of other objectives ignores the will of the American people, as established in law by their representatives in Congress and the White House.” That feeling differs markedly from the CFPB’s previous, 2013 issue, which said the agency would try to “empower consumers” and promote better financial-industry practices.

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