On July 3, the National Law Journal featured comments from Allyson Baker in an article about the change of tone in the CFPB news releases under Director Mick Mulvaney.
According to the article, the CFPB has taken a different tone in public announcements of enforcement actions, departing from the length and level of detail that had drawn complaints from the financial industry. Under the previous administration, the agency had received complaints from the financial industry with the new change in tone being welcomed by banks and other financial institutions.
Ms. Baker noted, "Without question, the press release can be the single most upsetting thing to a company or individuals when they settle these matters. It’s the thing we lawyers often get involved in in ways you wouldn't expect. It's so mission-critical to the way a company or individual can manage risk on a forward-going basis."