Items Tagged with 'CFPB enforcement'

ARTICLES

  • Democrats call out Mulvaney’s reported changes to CFPB fair lending enforcement

    53 Democrats, including Warren, Waters, Brown, Menendez, want answers
    A group of more than 50 Congressional Democrats are questioning the motivation of Consumer Financial Protection Bureau Acting Director Mick Mulvaney’s reported decision to strip the agency’s Office of Fair Lending and Equal Opportunity of its enforcement powers. The Democrats want to know what exactly Mulvaney is planning to do when it comes to fair lending.
    Read More
  • Mulvaney unveils sweeping plan to dramatically alter CFPB

    Mulvaney: We commit to the CFPB’s statutory responsibilities, but will go no further
    Over the past few months, Mick Mulvaney has provided smaller indications about how much differently the Consumer Financial Protection Bureau will function under his leadership than it did under the bureau’s former director, Richard Cordray. But Monday, Mulvaney fully revealed his plan to dramatically alter how the CFPB operates.
    Read More
  • CFPB funding slashed, enforcement authority reined in by Trump budget

    More changes afoot for agency already in the crosshairs?
    On Monday, the White House released its 2019 budget proposal, and for the second time, took dead aim at the CFPB. While the 2018 version proposed cutting the CFPB’s funding and bringing the agency’s funding under the congressional appropriations process to increase oversight, the 2019 version also calls for those measures but also goes much further to reshape the CFPB’s mission altogether.
    Read More
  • CFPB reportedly pulling back from Equifax data breach investigation

    Reuters reports that bureau is not aggressively pursuing investigation
    In another signal that Mick Mulvaney’s Consumer Financial Protection Bureau will operate far differently than it did under Richard Cordray, the CFPB is reportedly pulling back from its investigation in the data breach at Equifax, which exposed the personal information of 145.5 million U.S. consumers to hackers.
    Read More
  • Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?

    Reportedly strips Office of Fair Lending of its enforcement powers
    The way the CFPB enforces fair lending laws could be about to significantly change after CFPB Acting Director Mick Mulvaney reportedly stripped the bureau’s Office of Fair Lending of its enforcement powers. Former CFPB Director Richard Cordray, Sen. Elizabeth Warren, and fair housing groups bemoaned the move.
    Read More
  • NYDFS: If Mulvaney’s CFPB won’t protect consumers, we will

    New York’s financial regulator pledges to fill void created by CFPB’s “troublesome” move
    If a new direction is indeed afoot at the Consumer Financial Protection Bureau, the New York Department of Financial Services is apparently ready to fill the void. In a statement released Thursday, NYDFS Superintendent Maria Vullo said that the agency is prepared to step in to address the CFPB’s “troublesome policy shift away from consumer protection.”
    Read More
  • Warren accuses Mulvaney of hobbling CFPB under guise of data security

    CFPB architect wants answers on acting director’s actions
    Sen. Elizabeth Warren has never been shy when it comes to defending the CFPB, the agency she helped form after the financial crisis. So it should come as no surprise that Warren is finding fault in Mick Mulvaney’s actions as the CFPB’s acting director. What may come as a bit of surprise is that Warren appears to believe that Mulvaney is actively working to weaken the agency.
    Read More
  • S&P: Impact of CFPB shakeup, deregulation will be limited for mortgage servicers

    Trump administration’s changes will not undo years of heavy regulation
    Given the Trump administration’s stated mission of decreasing regulations, it’s a fairly safe bet that whoever Trump picks as CFPB director will have a vastly different view of regulation than former director Richard Cordray did. But what will the impact of that looming deregulation have on mortgage servicers? Not very much, according to a recent report from S&P Global Ratings.
    Read More
  • Trump: CFPB not dropping penalties against Wells Fargo, bank will be fined for mortgage issues

    Responds to Reuters report on Mulvaney pausing regulatory action
    In addition to all the issues Wells Fargo faced over the last year, the bank said back in October that it planned to refund more than 100,000 borrowers who were improperly charged for rate lock extensions from Sept. 16, 2013, through Feb. 28, 2017. As it turns out, the CFPB was also looking into the issue and apparently planned to fine the bank for the improper rate lock fees, until Mick Mulvaney took over as acting director – or so it appeared.
    Read More