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Mulvaney: CFPB to look at consumer complaint database, fintech
CFPB Acting Director Mick Mulvaney, at a Women in Housing & Finance luncheon on Tuesday, indicated that the bureau will maintain its consumer complaints database but that changes will likely be made to make the database consistent with the law. NAFCU has pressed the bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm.
During the luncheon, Mulvaney noted that, statutorily, the bureau is not required to make the consumer complaint database public. The CFPB currently has a request for information (RFI) open for comment on its consumer complaint and inquiry handling processes.
In addition, Mulvaney told attendees that the bureau is working to establish a fintech "sandbox" and has engaged with the U.S. Commodity Futures Trading Commission (CFTC) to determine how best to promote innovation and fair competition within the financial services industry. NAFCU has advocated for fintechs to be placed on a level playing field with credit unions and follow the same consumer protection laws.
Mulvaney also gave an update on the bureau's efforts to improve its functions, and reiterated his call for Congress to place the CFPB under its appropriations process and to reform the bureau's structure from a single director to a five person commission. NAFCU has long advocated for a commission structure because of the continuity and stability it would provide the bureau.
Mulvaney said he expects to be in his role at the CFPB until the fourth quarter of this year; he has been acting director of the bureau since November. If a permanent director is nominated by June 22, Mulvaney is able to continue serving in the position until the new director is confirmed by the Senate. NCUA Chairman J. Mark McWatters is said to be under consideration for the position.
NAFCU Regulatory Affairs Counsel Kaley Schafer and Regulatory and Legislative Assistant Sarah Jacobs attended Tuesday's event.