Mulvaney to Rein In CFPB Enforcement, Focus on Debt Collection

Debt collection could become the focus of a less-active enforcement division at the Consumer Financial Protection Bureau, according to an internal staff memo from acting CFPB director Mick Mulvaney.

The memo, obtained by Bloomberg Law, indicated that the CFPB will be looking to reel back enforcement in other areas including payday lending and prepaid cards.

Mulvaney said his pivot in enforcement priorities was directed at protecting both consumers as well as financial institutions. CFPB staff “work for the people,” including both borrowers and creditors: “Those who use credit cards, and those who provide those cards; those who take loans, and ...