Following a meeting to discuss improved cooperation between the Office of the Comptroller of the Currency ("OCC") and the Consumer Financial Protection Bureau ("CFPB"), Comptroller of the Currency Joseph Otting expressed support for Acting CFPB Director Mick Mulvaney.
Mr. Otting praised Mr. Mulvaney's efforts at the CFPB, saying that he is impressed with Mr. Mulvaney's focus on reducing regulatory burdens and "emphasis on operational efficiency and excellence." Mr. Otting stressed the importance of consumer protections, but said that regulators have an obligation to prevent burdens on market participants, especially when an "unnecessary regulatory burden" does not actually contribute to improving the financial system's soundness and safety. Mr. Otting applauded Mr. Mulvaney's decisions to (i) reconsider the Payday Rule, (ii) delay the implementation of the Home Mortgage Disclosure Act, and (iii) defer action on both rulemakings until a comprehensive review is completed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
