1 Mick Mulvaney, The CFPB Has Pushed Its Last Envelope, Wall Street J., Jan. 23, 2018.
2 Kate Berry, Pentago, others baffled by CFPB plan to cease military lending exams, Am.
Banker, Oct. 11, 2018, https://www.americanbanker.com/news/pentagon-others-baffled-by-cfpb-plan-to-cease-military-lending-exams.
3 Banking agencies continue to examine for MLA compliance.See Dodd-Frank Wall
Street Reform and Consumer Protection Act, Pub. L. No. 111-203, §§ 1002( 14), 1012(a),
1021(a) (2010). Also, critics appear to overlook the MLA’s private right of action and
penalties, including voidance of noncompliant loans and imprisonment, for violations.
In addition, Mulvaney is “’committed to seeing’ congressional action to make the
supervisory authority explicit.” Berry, supra note 3.
4 Letter from Mick Mulvaney, Acting Director, The Bureau, to Elizabeth Warren, U.S.
Senator for Mass. (Apr. 4, 2018) (on file with The Bureau).
5 Devin Leonard and Elizabeth Dexheimer, Mick Mulvaney Is Having a Blast Running the
Agency He Detests, Bloomberg Businessweek, May 25, 2018, https://www.bloomberg.
6 Dodd-Frank Wall Street Reform and Consumer Protection Act § 1022(b)( 2)(A)(i).
7 Jeff Bater, Enforcement Actions Drop Sharply at Trump-Led CFPB, BNA News, Oct. 11,
8 Mulvaney comments on enforcement approach, use of disparate impact (Ballard
Spahr, Consumer Finance Monitor), May 30, 2018 (available at: https://www.
approach-use-of-disparate-impact/).Katy O’Donnell, Mulvaney: Rate of violations to
factor in future CFPB actions, Politico, May 29, 2018, https://subscriber.politicopro.com/
9 The Federal Reserve, Interagency Statement Clarifying the Role of Supervisory Guidance
(Sept. 11, 2018), https://www.federalreserve.gov/supervisionreg/srletters/sr1805a1.
pdf. While supervisory guidance will not be used for enforcement, it will have a role in
supervisory expectations and examinations, which the statement describes.
10 “We are going to be looking to the state regulators and state attorneys general for a lot
more leadership when it comes to enforcement.” Mick Mulvaney, Acting Director, The
Bureau, Remarks to A.G. Conference (Feb. 28, 2018).
11 Charlotte Corley, Will States Fill the CFPB Void?, The Examiner, June 22, 2018, https://
12 The prepaid rule spanned 452 pages in the Federal Register and pushed many banks to
exit or avoid the prepaid card market due to the rule’s complexity, product restrictions,
and liability provisions. The small dollar lending rule spans 449 pages, and by the
Bureau’s own estimate will push 80% of payday lenders from the market due to the rule’s
complexity and product restrictions.
13 See Am. Bankers Ass’n, ABA Staff Analysis: Fall 2018 Unified Regulatory Agency (Oct.
15 Hannah Lang, CFPB writing rule to define ‘abusive’ standard: Mulvaney, Am. Banker,
Oct. 15, 2018, https://www.americanbanker.com/news/cfpb-writing-rule-to-define-abusive-standard-mulvaney.
16 Letter from Virginia O’Neil, Am. Bankers Ass’n, to Honorable J. Michael Mulvaney,
Acting Director, The Bureau (May 14, 2018) (available at: https://www.aba.com/Advocacy/
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