CFPB Issues Semi-Annual Report Recommending Changes to Dodd-Frank Act
CFPB released its semi-annual report highlighting the work of CFPB from April 01, 2017 to September 30, 2017, the period before the President appointed Mick Mulvaney as Acting Director. This is the first report issued by Acting Director Mick Mulvaney and it includes his four recommendations for statutory changes to CFPB.
As part of its regulatory work, CFPB established a task force (in February 2017) to help identify and reduce unwarranted regulatory burdens consistent with its objectives under the Dodd-Frank Act. During the report coverage period, CFPB also issued guidance on topics such as maintaining compliance management systems, combating elder abuse, responding to natural disasters, and ensuring accuracy in credit reporting. The enforcement work of CFPB included actions taken against illegal practices in mortgage servicing, student loan servicing, credit reporting, and debt collection. The Acting Director Mick Mulvaney recommends four changes to the Dodd-Frank Act:
- Fund CFPB through Congressional appropriations
- Require legislative approval of major rules
- Ensure that the Director answers to the President in the exercise of executive authority
- Create an independent Inspector General for CFPB
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Keywords: Americas, US, Banking, Insurance, Securities, Dodd Frank Act, Reducing Regulatory Burden, Credit Reporting, Mortgage Lending, CFPB
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