ACA Board President Rick Perr Notes Change in Tone at BCFP

WSJ reports that BCFP’s Mulvaney “tosses” members of advisory groups in favor of new, smaller memberships with a more streamlined approach.

6/11/2018 8:00 AM

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ACA Board President Rick Perr Notes Change in Tone at BCFP

ACA International Board President Rick Perr was recently quoted in The Wall Street Journal article “Consumer Agency Tosses Members of Advisory Groups,” in reference to the changing tone at the Bureau of Consumer Financial Protection under Acting Director Mick Mulvaney’s leadership.

The article, written by Lalita Clozel, describes Mulvaney’s move to replace members of four advisory groups representing companies and consumers as part of his plan to shift the bureau’s approach to enforcing consumer-finance laws. Clozel wrote that Mulvaney plans to “reconstitute the current advisory groups with new, smaller memberships…[as] smaller memberships will ensure streamlined discussions about the bureau’s policy priorities and needs in a productive manner.”

Some consumer groups have criticized Mulvaney’s BCFP, charging that it is more “solicitous of industry input, a turnaround for an agency once viewed as their ally,” The Wall Street Journal reported.

Clozel, who was present during Mulvaney’s keynote address at ACA’s recent Washington Insights Conference, noted Mulvaney’s comment, “We are still enforcing the law. We are just not going after people who are not breaking the law.”

As for Mulvaney speaking at ACA’s event, Perr said former Director Richard Cordray was repeatedly invited to address employees of the accounts receivable management industry, but he never accepted. To read The Wall Street Journal article published June 8, 2018, click here.

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