It was the worst of times, it was the worst of times for the Consumer Financial Protection Bureau.
During the past two months, the agency has suffered a series of setbacks. Lawmakers scrapped one of its key rules and are aiming at another; its leader quit and his hand-picked successor is waging a legal battle to try and get control of the agency; the Trump administration's choice for interim agency head has signaled he intends drastic changes; and the Government Accountability Office just effectively eliminated
the agency's guidelines to auto lenders. Meanwhile, the bureau has already pulled back on some
enforcement matters and observers predict that trend will only continue.
While part time Acting Director Mick Mulvaney (he also runs the Office of Management and Budget) has pledged not to shut down the agency, he has made his disdain clear for many of its past activities.
“You could imagine that the Office of Management and Budget under the Trump administration might look very cautiously, even cynically, against rules that were produced by" former CFPB Director Richard Cordray, Mulvaney said.
Mulvaney said he's not sure what the agency will focus on next.
“I am trying to figure out how to articulate how things are going to be different,” he told reporters. “That is really what I need to set aside some time to do fairly quickly.”
Whatever it is, it's liable to look significantly different. Following are some of the defeats suffered by the CFPB in recent weeks — and others that may still be in the works.