Mick Mulvaney, as acting director of the Consumer Financial Protection Bureau, has softened the agency’s hard-charging approach that financial companies had long complained about. One year after his appointment, the industry is pleased, but not fully satisfied, the Wall Street Journal reported. Mulvaney, appointed by President Trump last November, over the past year has made a number of changes that the financial industry has hailed, including a pullback in enforcement actions, an easing of supervisory activities, and a pledge to redo a new payday-loan rule that lenders warned would decimate them. But many in the industry had expected Mulvaney to move more swiftly to blunt the power of the agency and ease regulations in areas such as mortgage disclosures, debt collection, and prepaid cards. The acting director has left a big imprint on the bureau, drawing criticism from consumer advocates and Democrats. He promised earlier this year to bring a more collaborative approach with businesses regarding supervision and enforcement. The CFPB has announced nine enforcement actions since he took over, down from 47 in the bureau’s final year was under Obama-appointed leadership.
