Acting Consumer Financial Protection Bureau Director Mick Mulvaney said Monday that the financial regulatory bureau would move to overhaul one of its most powerful enforcement powers, the general authority to police the consumer financial industry for fraud or similar behavior, known as “unfair, deceptive or abusive acts or practices.”
“I think we’re going to announce some rulemaking on what that term means,” Mulvaney told a room full of conference attendees on Thursday in Washington. His comments could mean a shift in how the bureau approaches such cases. Mulvaney ordered a broad review of the bureau’s rules and practices earlier this year, much of it focused around enforcement.
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