Mulvaney, Acting Director of the United States Consumer Financial Protection
Bureau (CFPB), continues to make his mark on the agency since taking the reins
in November 2017.
public statements since November including recently, Mulvaney has referred to
the agency as the Bureau of Consumer Financial Protection (BCFP) as referenced
in the Dodd Frank Act and which adorns the new seal of the Bureau. Whether the
agency will transition to the BCFP is yet to be seen as it’s been identified as
the CFPB since inception a few years ago. The website and all other agency
sources and material continue to reference the CFPB.
On 6 June
2018, Mulvaney dismissed all 25 members of the Consumer Advisory Board (CAB)
for the CFPB. Members of the CAB advise the CFPB Director and leadership on
policies of the CFPB. The Board had not convened since Mulvaney became head of
the CFPB. Under the Dodd Frank Act, the Board must meet a minimum of twice a
announcement regarding the revamping of the Board, a spokesperson for the CFPB
stated that a new Board will be formed this fall and in the meantime the CFPB
will conduct more public town hall meeting and listening sessions.
week, the comment period closed for public input on the request
for information (RFI) issued by the CFPB on how it handles complaints and
its compliant portal.
The CFPB complaint database allows consumers to submit complaints on consumer
financial services and products. The CFPB provides the company which provided
the service or product with the compliant and the company has 15 days to
respond. The complaint and response, or just the compliant if no response
within the 15 days, is then posted online.
an appearance at a conference of the American Bankers Association on 24 April
2018, stated the Dodd-Frank Act requires the CFPB to maintain a compliant
database but not to make the complaints public as it does now. According to the
CFPB, the agency has handled over 1.5 million complaints since its inception in
Finally, on 7
June 2018, Mulvaney formally dropped the case of the PHH v. CFPB. Mulvaney as
expected let stand without further legal proceedings the decision of the US
Court of Appeals for the DC Circuit in favor of PHH regarding dismissing of a
financial penalty but that the Director of the CFPB could only be removed for
cause. The action ends the four-year case which was the first major challenge
to the authority and structure of the new agency.
All of these
actions could have a direct or indirect impact on transferees involved in a
home sale transaction and the companies which provide related financial
services and products.