As I was thinking about the things I want to accomplish personally in the new year, I pondered what the Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney might be thinking about for the direction of bureau’s activities in 2018. As such, I am suggesting three resolutions Mulvaney might consider this year.
I RESOLVE THAT THE CFPB WILL DO WHAT CONGRESS SHOULD HAVE INTENDED IT TO DO.
Protecting consumers — in financial matters in particular — is a noble aspiration and goal, and one the government can do much to promote and achieve. It need be neither partisan nor political; it should be a commonsense exercise. In our firm, we call that approach the “Mama Rule,” meaning don’t do things to people you wouldn’t do to your mother — assuming of course, that you like your mother (if you don’t, then substitute whoever causes you to be on your best behavior).
The CFPB should exercise its authority to enforce consumer financial protection laws when consumers have suffered real and quantifiable harm, and work to improve consumers’ financial literacy. With this resolution, Acting Director Mulvaney shows his intent to redress real and significant consumer harm, encourage the industry to “do the right thing,” and encourage consumers to recognize their need to educate themselves on financial matters so they can make the best decisions they can — for themselves.
