At the Regulatory Issues Forum, Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney appeared to discuss powerful federal agencies with enormous, and largely unchecked, power to enforce various federal statutes, including RESPA. Mr. Mulvaney’s message was clear: CFPB is no long in the business of regulating by enforcement. That is, the CFPB is not going to decide unilaterally that it doesn’t like something that is not illegal, and seek to usurp the lawmaking role of Congress by bringing enforcement actions against unsuspecting companies engaged in activities that are not illegal.
Regarding the highest profile CFPB overreach in the real estate industry, Mr. Mulvaney stated that “What’s important to take away from PHH is that it was a regulation by enforcement case, and we’re not going to do that anymore.”
Mulvaney, whose own biography includes work in the real estate industry, said: “What y’all do is absolutely critical to the proper functioning of our market.”
James G. Dewling, Chair of the Regulatory Issues Forum, kicks off the Regulatory Forum session.
2018 NAR President Elizabeth Mendenhall introduces special guest Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvane.