Mick Mulvaney Calls for ‘Humility’ from Consumer Financial Protection Bureau<br />“But what about the workers who are laid off as a result?”<br />Mr. Mulvaney also said that the bureau would introduce more quantitative rigor in determining which companies to target for enforcement, a move sure to be welcomed by banks and financial trade groups<br />that have complained about the agency’s enforcement approach.<br />Mr. Mulvaney made clear that under his direction, the consumer bureau would be more reluctant to target companies without overwhelming evidence of wrongdoing and suggested<br />that the effect on a business should be weighed more heavily when considering cracking down on potential consumer abuses.<br />He suggested that the agency’s efforts would be focused on areas where consumer complaints are most abundant, saying<br />a complaint-driven approach would shift focus to areas like debt collection and away from payday lending.<br />The staff memo comes a week after Mr. Mulvaney made his most significant moves to date at the bureau, requesting no funding for the quarter from the Federal Reserve and freezing a rule drafted by Mr. Cordray<br />that would have cracked down on the predatory practices of payday lenders<br />Mr. Mulvaney insisted that he would not shutter the bureau, if only because doing so would be against the law.
