Consistent with steps Mulvaney has already taken at the helm of the CFPB, the budget said Congress and the administration would embark on a broad restructuring of the agency to ensure it does not abuse the powers it was granted.
“To prevent actions that unduly burden the financial industry and limit consumer choice, the proposal restricts CFPB's broad enforcement authority over Federal consumer law,” the budget said. “These changes would allow CFPB to focus its efforts on enforcing enacted consumer protection laws and eliminate the functions that allowed the Agency to become an unaccountable bureaucracy with unchecked regulatory authority.”
The budget planned to cap the Federal Reserve’s transfers to the bureau in 2018 at $485 million — equivalent to its 2015 budget — and eliminate the transfers entirely by 2020. Acting CFPB Director Mick Mulvaney had already zeroed out
the bureau’s request to the Fed for the second quarter of 2018.