Cordray named former chief of staff Leandra English as deputy director of the agency, to serve as the bureau's acting director. Trump, however, appointed Office of Management and Budget Director Mick Mulvaney as the CFPB's interim director.
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Past statements from Mulvaney – including a characterization of the bureau as “a joke” – disqualify him, said a letter signed by New York Attorney General Eric T. Schneiderman and 16 other state attorneys general.
A bipartisan group of House legislators has introduced a Congressional Review Act resolution to bar passage of the final payday lending rule from the Consumer Financial Protection Bureau.
Earlier this month, the Consumer Financial Protection Bureau reached a settlement with Vantage Capital Group that handed VCG administration rights to more than 800,000 private student loans that had been mismanaged by a trust called National Collegiate Student Loan Trusts.
The Consumer Financial Protection Bureau filed a lawsuit last week against Freedom Debt Relief, the nation’s largest debt-settlement services provider, and its co-CEO and co-founder Andrew Housser, for allegedly deceiving consumers.
Forty-two percent of auto loans made in the last year carried a payback term of six years or more, compared to just 26 percent in 2009, according to a report from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau filed suit in federal court against two service providers for deceptively suggesting that they were affiliated with the federal government as well as falsely promising to eliminate consumers’ debts and improve their credit scores.
The Consumer Financial Protection Bureau has issued principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services.
The Consumer Financial Protection Bureau has handled more than 20,000 complaints over the last year from consumers about student loans.