The CFPB will start its review seeking public comment on how the agency conducts investigations as part of its enforcement work. The comments could provide the foundation for a significant reworking of the agency’s operations.
In a sign of a new direction at the agency, Mulvaney said the agency would reconsider rules it finished in October that would drastically curb the payday lending industry.
Former Director Richard Cordray, who resigned in November and is now running for governor of Ohio, criticized the decision on Twitter, calling it a “truly shameful action by the interim pseudo-leaders of the CFPB.”
Mulvaney is leading the agency until Trump nominates a full-time head. His control is facing a legal challenge from CFPB deputy director Leandra English. She filed a lawsuit arguing she was the legal head of the agency until a new full-time director was in place. A federal judge ruled in Mulvaney’s favor earlier this month and English has appealed that ruling.