Mulvaney Tells Warren To Take Complaints To CFPB’s Creator

Mick Mulvaney shot back at Elizabeth Warren after the U.S. Senator has repeatedly criticized his policy changes as the acting director of the Consumer Financial Protection Bureau (CFPB).

“We get about one letter a week from her and she asks me why I have done what I have done,” Mulvaney said, according to American Banker. “We are progressively moving to a response that I want to send her, which is essentially to say, look, if you don’t like what I am doing, complain to the person who wrote the statute.”

Last week, Mulvaney sent his own letter to Warren, who founded the CFPB. While he failed to address any of her questions about his policy changes, he did take the time to fight back against her criticism of his actions.

In addition to his beef with Warren, Mulvaney also discussed the difference between credit unions and other financial companies while speaking before the Credit Union National Association.

“We recognize the fact that you all did not cause the financial crisis and that you should not be regulated … like the folks who might have done those things,” said Mulvaney.

Earlier this week, members of CUNA and the National Association of Federally-Insured Credit Unions met with President Trump to specifically discuss cutting back on regulations and the CFPB. J. Mark McWatters, who chairs the Nation Credit Union Administration, is on the short list to be nominated as permanent director of the CFPB.

In the meantime, Mulvaney spoke about his time at the bureau, saying it will not take a “one size fits all” approach to regulation, as opposed to how it performed while under former CFPB Director Richard Cordray. Back then, the bureau was often criticized for regulating through enforcement.

“We are not going to be looking for ways to sue people,” Mulvaney said. But, he added, “Yes, we are going to be enforcing the law.”

“In the future, you will know the rules before we accuse you of breaking them,” he said.


Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.


To Top