CFPB Acting Director Mick Mulvaney has signaled the agency islikely to spend more time on issues related to debt collection andless time on prepaid cards and payday lending.
“In 2016, almost a third of the complaints into this officerelated to debt collection,” he said, in a memo to bureauemployees. “Only 0.9% related to prepaid cards and 2% to paydaylending. Data like that should, and will, guide ouractions.”
The CFPB has issued controversial rules on paydaylending—regulations that Mulvaney has indicated the agency willrevisit.
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