Two months into his appointment as acting director at the Consumer Financial Protection Bureau, Mick Mulvaney gave his staff of 1,650 his most clear and detailed vision of the CFPB moving forward.
The memo sought to change the staff’s opinion that it was the good guys acting as the new sheriff in town to fight the bad guys. He sought to put a stop to “the supposed ‘mission.’ ” And he made it clear that regulation by enforcement had seen its best days go by.
Read on for insight from Brian Levy, of counsel at Katten & Temple, LLP, on what the change in mission could mean for the industry.
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