Articles Tagged with ''Mick Mulvaney''

CFPB's Kraninger reverses Mulvaney's changes to advisory boards

Undoes Mulvaney's actions by strengthening committees
It appears Kathy Kraninger is determined to leave her mark on the CFPB, nixing yet another move made by her predecessor Mick Mulvaney. On Thursday, the new CFPB director announced that she is changing the rules surrounding the Consumer Advisory Board and other committees, reversing actions Mulvaney had taken less than a year ago to limit the committees.
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Warren calls for investigation into CFPB-to-BCFP name change

Suggests Mulvaney's rebrand violates federal law
Sen. Elizabeth Warren is calling for an internal investigation into the CFPB's mission to change its name. In a letter sent Monday to the Inspector General of the CFPB, Warren wrote that the name change "imposes unnecessary and significant costs on taxpayers and the business community, deprives the CFPB of funds it can use to protect consumers, and violates legal requirements."
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Monday Morning Cup of Coffee: Potential government shutdown looms over 2019 economic forecast

Plus, small banks gear up for "deposit wars" and Apple drops $1 billion on Austin real estate
Economists at Capital Economics say that while the U.S.-China trade war is certainly a concern, the potential for a long-lasting government shutdown heading into 2019 is the greatest threat to the economic outlook in the year ahead. "This one could go on for months," the economists warn, especially if Robert Mueller's report leads to the president's impeachment.
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Trump picks former CFPB Director Mick Mulvaney to be White House chief of staff

Mulvaney gets a new job in the administration after all
President Donald Trump has apparently long considered Mick Mulvaney to serve as White House chief of staff, and now, after numerous fits and starts to that process, Mulvaney is finally set to replace John Kelly in that role. Trump announced via Twitter on Friday afternoon that he is naming Mulvaney as the “acting” White House chief of staff. According to Trump, Mulvaney will officially take over as chief of staff when Kelly leaves the administration at the end of this year.
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CFPB moves to further ease enforcement on financial services industry

Releases new rules on “no-action letters” and proposes “product sandbox”
In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees. Additionally, the CFPB proposal would create a “Product Sandbox,” which would allow and encourage companies to create and test new products and services under safe harbor provisions from the bureau itself.
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CFPB-to-BCFP name change could cost companies $300 million

Internal analysis contradicts Mulvaney’s claim that rebrand would cost nothing
Since March, the Consumer Financial Protection Bureau has been pushing for a name change, and while rearranging the four letters in its acronym doesn't seem like much, a report suggests the move could cost companies quite a lot.
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Monday Morning Cup of Coffee: Mortgage payments set to jump in 2019

Interest rate increase could add to affordability problems facing homebuyers
Rising rates could cause mortgage payments to increase up to 8.4% in 2019, adding to an already problematic affordability issue for homebuyers across the nation, according to the S&P Global Ratings’ latest housing market update. Plus, two celebrities settle with the SEC after not disclosing paid promotions involving an allegedly fraudulent initial coin offering.
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