Sources close to the LSCU reported Tuesday the Consumer Financial Protection Bureau Director Mick Mulvaney unveiled two significant changes to bureau operations while speaking to the American Bankers Association conference in Washington, D.C.:
- Consumer complaints will be private from now on. Mulvaney said he intends to maintain the database, as mandated by Dodd-Frank, but is concerned about reputational damage caused by unvetted submissions. “I don’t see anything in the law that says I have to run a Yelp for financial services sponsored by the federal government,” Mulvaney commented.”
He said he is continuing to accept suggestions on how to improve the portal.
- Mulvaney also said he is changing the name of CFPB to the Bureau of Consumer Financial Protection, its official name given by the Dodd-Frank Act. He commented that “someone decided to start calling the bureau CFPB … I don’t know who.”
Mulvaney saw this name change as significant when it occurred in 2011: “If the very first act that someone does when they’re in the bureau … is not follow the statute, that probably doesn’t set a good precedent for what’s going to come afterwards,” Mulvaney said.