When the CFPB was first formed the mission was to better protect consumers from financial products that did not suit their needs; it was formed in the wake of the financial crisis which was precipitated in part from deceptive mortgage lending practices; the CFPB was focused on making financial products more transparent so consumers fully understood how much they cost; the Trump administration had different ideas and former acting director Mick Mulvaney helped to reshape the agency to be a light touch regulatory body; specifically when it came to payday loans, long a controversial product that preyed upon the poor; Mulvaney helped to ease the agency’s push against payday loans saying it was the job of state regulators and who was he to not allow this credit to be available even as he knew it was predatory; Mulvaney is now the President’s chief of staff and many wonder what’s next for the agency. Source.
