President Trump revealed his 2019 federal budget plan this week, which features “major savings and reform proposals” across many offices and agencies, including the Consumer Financial Protection Bureau.
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The request for information on supervision processes is the fourth in what looks to be a lengthy list of reviews from the Consumer Financial Protection Bureau.
The request for information specifically calls for suggestions on “burden reduction” in its enforcement of federal consumer laws, while still fulfilling the bureau’s statutory function and commitment to transparency.
Kirsten Sutton Mork was serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling (R-Texas) prior to being appointed by CFPB acting director Mick Mulvaney.
A three-judge panel had previously sided with PHH Mortgage in its suit against the Consumer Financial Protection Bureau, declaring its structure unconstitutional and vacating its $103 million fine.
The changes adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets as well as delaying implementation until April 2019.
The bureau was seeking penalties and restitution from CashCall, Inc., for violating the Consumer Financial Protection Act and the Dodd-Frank Act's prohibition on "unfair, deceptive, and abusive acts and practices."
The Consumer Financial Protection Bureau will reconsider its recently issued and highly controversial payday lending rule, it said in a statement issued today.
New director Mick Mulvaney has suspended the bureau’s collection of personal identifying information when taking consumer complaints, and Sen. Elizabeth Warren (D-Mass.) is not happy with the move.