Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policy priorities of his predecessor, Richard Cordray, but none as consequential perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."
The Dodd-Frank Act prohibited so-called UDAAPs and tasked the CFPB with identifying such acts of wrongdoing and punishing firms that commit them.
Mulvaney cannot repeal that provision, but—as indicated by the agency's new five-year strategic plan released Monday—the bureau's new leadership does not seem that interested in pursuing firms for UDAAP violations.
The release of the strategic plan was a continuation of Mulvaney's aggressive remaking of the bureau. In addition to an apparent shying away from using UDAAP, the plan also pointed to the CFPB's intention of easing its recent mortgage rules.
Read more in American Banker.