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The Fair Lending Office’s Enforcement Powers of the CFPB Are Cut

Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney announced that the Office of Fair Lending and Equal Opportunity will no longer be part of the CFPB’s Supervision, Enforcement and Fair Lending Division.   

Mulvaney announced via an email sent to the entire CFPB that instead the Office of Fair Lending and Equal Opportunity will become part of the Office of Equal Opportunity and Fairness.  More importantly, the Office of Fair Lending and Equal Opportunity will lose its supervisions and enforcement powers.  Rather than enforcement it will focus on “advocacy, coordination and education” which was part of its original responsibilities.  According to Mulvaney this move is part of an ongoing effort to streamline operations at the CFPB.  “These changes are intended to help make the Bureau more efficient, effective, and accountable, and I plan to seek both internal and external input as I continue to evaluate how we work” Mulvaney stated in the email. 

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