Daily Digest – January 2. Change in How CFPB Describes Itself Indicates Shift Toward De-Regulation; New Name Added to CFPB Director Shortlist

CHANGE IN HOW CFPB DESCRIBES ITSELF INDICATES SHIFT TOWARD DE-REGULATION

  • The Consumer Financial Protection Bureau has made a couple of subtle, but possibly important, changes about how it describes itself, which could be an indicator of what President Trump has in store for the federal agency. The CFPB just enforces rules now, for example, instead of fairly enforcing them under former director Richard Cordray. But there is a more substantive change that could indicate there might not be a debt collection rule on the horizon.

 

NEW NAME ADDED TO CFPB DIRECTOR SHORTLIST

  • Another name as surfaced and been added to the shortlist to be the next director of the CFPB, according to a published report. J. Mark McWatters, who is currently chairman of the National Credit Union Administration, is being considered for the job to replace Richard Cordray. McWatters is described as being “pragmatic” and “measured” which would help mollify Democrats who are worried that the ideology of President Trump’s replacement will be too far to the right for their liking.

 

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