From the Web: ‘Mick Mulvaney is Right to Reform the CFPB’

Financial services association CEO notes that the bureau’s payday lending rule is example of the need to reform the bureau.

4/13/2018 10:30 AM

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From the Web: ‘Mick Mulvaney is Right to Reform the CFPB’

The leadership of the Consumer Financial Protection Bureau is at center stage of late and Dennis Shaul, CEO of the Community Financial Services Association of America, writes in an op-ed for USA Today that reform of the bureau is the right move.

“Acting Director Mick Mulvaney is right to move to reform the bureau and separate it entirely from partisan politics. Only then can it become the independent agency Congress envisioned,” Shaul writes.

The op-ed follows a lawsuit from the CFSA seeking to invalidate the CFPB’s final rule on “Payday, Vehicle and Certain High-Cost Installment Loans,” implemented under former Director Richard Cordray in 2017.

“The lawsuit asserts that the bureau failed to demonstrate consumer harm from small-dollar loans, ignored unbiased research and data, relied on flawed information to support its rulemaking, and disregarded the Administrative Procedure Act and Small Business Regulatory Enforcement Fairness Act,” Shaul writes.

He continues, “Fortunately, the new CFPB leadership has decided to reconsider this rule and re-examine the workings of the bureau. During this re-examination, the bureau should listen to consumers and work towards achieving the delicate balance of enhancing consumer protections while at the same time preserving access to credit for millions of Americans.”

Read the complete editorial in USA Today.

Related content from ACA International:

CFPB Announces Reconsideration of Rule for Small Dollar Lending Market

CFPB Faces Lawsuit on Payday Lending Rule

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