CFPB reveals dramatic new strategy that limits its ‘unparalleled powers’ [MarketWatch]
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Source: MarketWatch
CFPB reveals dramatic new strategy that limits its ‘unparalleled powers’ The temporary head of the Consumer Financial Protection Bureau has announced a new plan for the agency that seems to confirm the fears of many who have been closely tracking it. “We have committed to fulfill the bureau’s statutory responsibilities, but go no further,” he said in the new five-year strategic plan he unveiled Monday. He said it “should serve as a bulwark against the misuse of our unparalleled powers.” Mulvaney, who is also the director of the Office of Management and Budget, and other Republicans have frequently said the CFPB is too powerful. The CFPB was created by the Dodd-Frank Act in 2010. It will continue to adhere to its mission as laid out by Dodd-Frank, Mulvaney said: It will “regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws” and “educate and empower consumers to make better informed financial decisions.” But consumer ad
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