Asserting that the Dodd-Frank Act does not expressly authorize the agency to examine financial companies for Military Lending Act (MLA) violations, Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney recently decided to suspend supervisory activities related to the law.
Bureau spokesman John Czwartacki said Mulvaney reached his decision after a thorough review of the agency’s procedures intended to curb what the Trump administration and many financial industry professionals considered overly aggressive enforcement activities.
Find out more about what the decision means for the future of the law’s enforcement.