In his preamble to the Congressional report, Mulvaney sums it up best, saying "many” members of Congress “disagree with my actions as Acting Director…”
The idea is to offer “a space where businesses can test innovative products and processes without risk of regulatory consequences,” according to the Mortgage Bankers Association…
Congressional lawmakers are seeking ways to ease restrictions on payday loans and rescue the industry from what some lenders feel are onerous CFPB rules promulgated under past agency leadership. Sen. Lindsey Graham, R-SC, introduced a Congressional Review Act resolution to repeal the agency’s payday rule, and the House Financial Services Committee gave a green light to bank payday lending. The CFPB finalized its payday rule in October under former Director Richard Cordray with ...