After roughly one full year at the helm of the Consumer Financial Protection Bureau, Mick Mulvaney stepped aside last month when Kathy Kraninger was confirmed by the Senate as the new director of the bureau. It remains to be seen precisely how Kraninger’s leadership will affect the bureau, but the record of Mulvaney’s tenure can now be assessed.
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A Texas bank has settled with the Consumer Financial Protection Bureau over allegations it failed to stop payments or resolve errors.
Sen. Elizabeth Warren (D-Mass.) has asked for an investigation of the proposed name change at the Consumer Financial Protection Bureau.
State Farm Bank, FSB, Bloomington, Ill., has settled with the Consumer Financial Protection Bureau for consumer financial protection and credit reporting violations.
Kathleen Kraninger, Trump’s appointee to lead the Consumer Financial Protection Bureau, was confirmed in a 50-49 party-line Senate vote. The Office of Management and Budget staffer replaces her OMB boss Mick Mulvaney as head of the CFPB.
The name change proposed at the Consumer Financial Protection Bureau could cost regulated entities $300 million if the agency goes through with its switch to the Bureau of Consumer Financial Protection moniker.
Dallas-based Santander Consumer USA has settled with the Consumer Financial Protection Bureau over allegations it used deceptive acts or practices in marketing auto loan add-ons and extensions.
Acting Director Mick Mulvaney indicated that the bureau’s prior enforcement on allegedly abusive practices had been controversial and that he hoped to provide more clarity for the financial services industry.
The Consumer Financial Protection Bureau could be better at handling its enterprise risk management, although it is adequate in other information security areas, according to an OIG report.