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Mick Mulvaney, the interim director of the CFPB, told banking industry executives that he did not see anything under the 2010 Dodd-Frank financial law "that says I have to run a Yelp for financial services sponsored by the federal government,”. Audience members at the American Bankers Association conference applauded the comment.
Mr. Mulvaney said the bureau would continue to maintain a toll-free number and a website to gather consumer complaints and forward them to companies, but the database would be hidden from public view. Separately, Mr. Mulvaney said he has started referring to the regulator as “the Bureau of Consumer Financial Protection,” its formal name stipulated in Dodd-Frank. On its website, the agency still calls itself the Consumer Financial Protection Bureau. Mr. Mulvaney’s remarks came as the CFPB formally gathers comments from the financial industry and public on its handling of consumer complaints, including whether the bureau should change how it operates the database.
