CFPB Acting Director Mick Mulvaney signaled the agency is likely to spend more time on issues related to debt collection and less time on prepaid cards and payday lending.
"In 2016, almost a third of the complaints into this office related to debt collection," he said in a memo to bureau employees. "Only 0.9% related to prepaid cards and 2% to payday lending. Data like that should, and will, guide our actions."
The CFPB has issued controversial rules on payday lending – regulations that Mulvaney has indicated the agency will revisit.
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