Changes at the CFPB: Dorsey Partner Quoted in American Banker Article, “Mulvaney Looks to Neuter CFPB’s Most Potent Weapon”
American Banker quoted Dorsey & Whitney partner Jenny Lee in an article reporting on the Consumer Financial Protection Bureau’s new strategic plan. The article observes how the CFPB’s February 12, 2018 plan dropped all mention of “unfair, deceptive or abusive acts or practices” from the Bureau’s vision statement, suggesting that Mick Mulvaney will de-emphasize actions against regulated entities for so-called UDAAP violations.
The article addresses Mulvaney’s overall efforts to steer the CFPB away from the aggressive enforcement that characterized the Bureau’s work under Mulvaney’s predecessor, Richard Cordray.
Lee told American Banker that while the new strategic plan reflects a change in the CFPB’s priorities, it should not be read to mean that the Bureau will cease review and pursuit of all UDAAP cases. “Because they are still going to get referrals from consumers and other agencies, and pressure from consumer advocates, in the course of examinations, as they find things, they would still bring a UDAAP claim.”