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          The RFI seeks information on how the CFPB’s CID processes   that. Mick Mulvaney, acting CFPB director, has said the bureau
          may be updated, streamlined or revised while minimizing   already has $177 million in the bank, enough to cover the $145
          burdens on CID recipients, as well as how the CFPB could better   million budgeted for CFPB’s second quarter. Cordray had
          align its processes with other agencies with similar authorities.   maintained a reserve fund, but Mulvaney said it’s not necessary,
          Commenters are invited to provide specific suggestions on   since the Fed has always given the bureau the money it needs.
          processes that could be modified, as well as feedback on any   Mulvaney, who is also President Trump’s budget director, noted
          aspects of the bureau’s processes that should not be changed.   that instead of advancing the funds to the CFPB, the Fed could
                                                                 return them to the Treasury and reduce the deficit.
          To read more visit:
          documents/cfpb_rfi_civil-investigative-demands_012018.pdf  Mulvaney has also launched a formal review of how the bureau
                                                                 demands information from firms it investigates. In addition, he
          Mulvaney: CFPB’s Days of                               has revamped the agency’s mission statement; the new wording
          ‘Pushing the Envelope’ Are                             suggests that the CFPB’s first priority should be “identifying
                                                                 and addressing outdated, unnecessary, or unduly burdensome
          Over                                                   regulations.”

          The   CFPB’s  prevailing  governing                    To read more from Politico visit: https://www.politico.
          philosophy of “pushing the envelope”                   com/story/2018/01/18/mulvaney-funding-consumer-bureau-
          in the name of enforcing consumer                      cordray-345495
          protection laws will shift under the
          bureau’s new leadership, Acting Director               Visa Changes Signature
          Mick Mulvaney said in a memo to CFPB                   Options for EMV Chip-Enabled
          staff  that was later  published as a  Wall
          Street Journal op-ed.               Mick Mulvaney      Merchants

          “It is not appropriate for any government              Visa has  announced  it  will be
          entity to ‘push the envelope’ when it comes into conflict with   waiving its signature requirement
          our citizens,” Mulvaney said, referencing a statement made by   for EMV chip-enabled merchants
          former CFPB Director Richard Cordray in a press interview.   in North America, making signing
          He added that the CFPB’s aggressive approach to court actions   optional for contact or contactless
          can have wide-reaching negative consequences for individuals’   chip card payments. The change, slated for this April, is being
          jobs, finances and homes. “If a company closes its doors under   implemented to enhance security and convenience during
          the weight of a multiyear Civil Investigative Demand, you and   point-of-sale transactions.
          I will still have jobs at the CFPB,” he wrote to bureau staff. “But   To read more visit:
          what about the workers who are laid off as a result? Where do   post/169621606538/visa-makes-signature-optional-for-emv-
          they go the next morning?”
          Looking ahead, Mulvaney said that the bureau will pursue
          enforcement actions only in cases where there is “quantifiable   Small Business Optimism Sets
          and unavoidable harm to the consumer.” It will also engage
          in more formal rulemaking, prioritize its actions based on the   All-Time Record in 2017
          consumer complaints it receives and use quantitative analysis   The  National Federation of Independent  Business’ Small
          to consider the costs and benefits of its rules on consumers and   Business Optimism Index fell slightly in December to 104.9,
          institutions, instead of relying on qualitative data.   but 2017 was the strongest year in the survey’s history, said the
          To read the memo visit:  NFIB. The average monthly reading came in at 104.8 for the
          wp-content/uploads/2018/01/Mulvaney-Memo.pdf           year, with overall optimism high due mainly to policy changes,
                                                                 such as significant regulatory relief and a massive tax cut. In
          Mulvaney Requests No Funding                           December, two of the 10 components – plans to make capital
                                                                 outlays and current job openings – saw gains, five declined, and
          for CFPB                                               the remaining three were unchanged.

          Each quarter, the CFPB director formally requests operating   To read more visit:
          funds from the Federal Reserve. Last quarter, Richard Cordray   business-economic-trends/
          asked for $217.1 million, and $86.6 million the quarter before

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