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Warren W. Traiger Quoted in American Banker Article, “Five Big Questions About Mulvaney-led CFPB”

American Banker

Warren W. Traiger was quoted on November 29, 2017 in an American Banker article, “Five Big Questions About Mulvaney-led CFPB,” which discussed the potential changes that are anticipated to occur with Mick Mulvaney as interim director of the CFPB. The article stated, “Mulvaney, who is also the director of the Office of Management and Budget, has pledged to change direction at the CFPB, focusing less on new rules and more on easing access to credit. Though he has acknowledged that some final rules like the small-dollar payday lending rule are beyond his authority to change in the short-term, many in the industry believe otherwise and are gearing up to encourage him to change effective dates and reopen old rulemakings.” 

Traiger noted, “An administrative agency can't just repeal rules that are in effect by fiat, and it can't ignore what Congress has instructed it to do. An agency can't just declare rules void; it needs to go through the same rulemaking process to amend or negate what's out there, and that process has to withstand the standard of not being arbitrary or capricious.”

In regard to any delayed implementation of HMDA during this transition, Traiger said, “I would be very surprised if there would be any changes or delays to implementation of the new HMDA collection and reporting requirements. Especially for the many lenders who have invested millions in implementing the new rule, it would create a lot of operational headaches.”

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