The Consumer Financial Protection Bureau’s acting director, Mick Mulvaney, intensified his efforts this week to curb an agency he has denounced as a regulator run amok. His latest tactic: starve it of cash. The CFPB is funded directly by the Federal Reserve and submits a quarterly request for funds to support its operation. This week, Mulvaney requested $0 for the first quarter of 2018. Instead, he plans to tap the CFPB's $177m reserve funds to cover projected quarterly expenses of $145 million.In additional recent actions, the interim CFPB head announced he'd re-evaluate a rule adopted last year to tightly limit short-term payday loans. The rule took 5 years to develop. Unwinding it would be a complex administrative process that has not yet begun. The agency also moved to end a case initiated last year against four payday lenders it said had deceived consumers by charging illegally high rates.
Read the NY Times coverage in entirety.
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