On February 6, during a House Financial Services Committee hearing on the Financial Stability Oversight Council (FSOC), Representative David Scott, D-Ga., addressed rumors that the CFPB has scaled back its investigation of a large credit reporting agency’s significant data breach. In response to Scott, Treasury Secretary Steven Mnuchin noted that, while he has not done so yet, he intends to discuss the matter with acting Director Mulvaney and at the FSOC. According to reports, a spokesperson for the Bureau noted that Mulvaney takes data security issues “very seriously” but that the Bureau does not comment on open enforcement or supervisory matters. It has also been reported that the CFPB may be deferring to the FTC’s on-going investigation.
Comptroller of the Currency, Joseph Otting, issued a statement on February 6 after meeting with Mulvaney about ways the CFPB and the OCC can work together to pursue each agency’s mission. Otting praised Mulvaney’s leadership of the agency and noted that the recent announcements regarding HMDA compliance and the payday rule reconsideration have “helped to reduce the burden on the banking system.” (Previously covered by InfoBytes here and here).
On the same day, the CFPB announced that Kirsten Sutton Mork was selected as the new chief of staff for the agency. Mork had been serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling, R-Texas. Leandra English previously held the role of chief of staff, prior to her appointment as deputy director in late November. English’s litigation against the appointment of Mulvaney as acting director continues with the U.S. Court of Appeals for the D.C. Circuit and oral arguments have been set for April 12.