CFPB Loses Sight of Original Mission After Overhaul

When the CFPB was first formed the mission was to better protect consumers from financial products that did not suit their needs; it was formed in the wake of the financial crisis which was precipitated in part from deceptive mortgage lending practices; the CFPB was focused on making financial products more transparent so consumers fully understood how much they cost; the Trump administration had different ideas and former acting director Mick Mulvaney helped to reshape the agency to be a light touch regulatory body; specifically when it came to payday loans, long a controversial product that preyed upon the poor; Mulvaney helped to ease the agency’s push against payday loans saying it was the job of state regulators and who was he to not allow this credit to be available even as he knew it was predatory; Mulvaney is now the President’s chief of staff and many wonder what’s next for the agency. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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