BUDGET/CONSUMER PROTECTION/MICK MULVANEY/TRUMP AS PRESIDENT: “The Trump administration on Monday [2-12-18] further detailed its vision to change the Consumer Financial Protection Bureau, proposing that the regulator get less funding and fewer enforcement powers along with an overhauled mission that is friendlier to companies.
In the CFPB’s new five-year strategic plan, the administration articulated the thinking behind the changes in its enforcement and rulemaking policies being pursued under Mick Mulvaney, a longtime CFPB critic now serving as its interim director…
The budget plan calls for capping the CFPB’s budget at $485 million for fiscal year 2019, which starts this October—an amount equivalent to the 2015 level—and $610 million for fiscal 2020. The CFPB’s final budget requested under its Obama-appointed leadership was $630.4 million for fiscal 2018.
The White House said the two-year ‘restructuring period’ would help impose ‘financial discipline’ and ‘reduce wasteful spending.’… Mr. Mulvaney has implemented various changes at the agency, including reconsidering an Obama-era regulation affecting payday lenders and shelving some enforcement cases. He also recently requested a $0 budget for the January-March quarter, saying the bureau would draw down reserves instead.”
-Yuka Hayashi, “Trump Administration Overhauls CFPB’s Mission, Proposes Budget Cuts,” The Wall Street Journal online, Feb. 12, 2018 07:06pm