Mulvaney to Tell Lawmakers CFPB Will Keep Policing Lending-Discrimination Rules - ABI

The acting head of the Consumer Financial Protection Bureau vowed to continue policing lending discrimination yesterday, a day before his first semiannual report to Congress on the CFPB, the Wall Street Journal reported. Mick Mulvaney, who has been interim director since November, will use today’s and Thursday’s sessions before lawmakers to outline his strategies for overhauling the bureau and his regulatory agenda for the coming months. Mulvaney said in remarks prepared for his testimony that enforcement and supervision of lending-discrimination rules will remain part of the CFPB’s powerful enforcement division, which will soon be renamed to reflect its updated role. “This will make enforcement and supervision more efficient, effective and accountable,” Mulvaney said of his fair-lending policy in the remarks. The announcement comes two months after Mulvaney removed the CFPB’s Office of Fair Lending and Equal Opportunity from the bureau’s enforcement division and placed it under his direct control. The bureau said at the time that the fair-lending group would focus on advocacy, coordination and education, without explaining what would happen to the sizable team of enforcement and supervision experts in the group. Mulvaney’s testimony clarifies that the fair-lending division has essentially been split, with advocacy under the director’s control but enforcement and supervision remaining under the enforcement division.

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