The House Financial Services Committee has sent a letter to Kathy Kraninger, director of the Consumer Financial Protection Bureau, requesting additional information on recent enforcement actions that resulted in no restitution to consumers.
The Consumer Financial Protection Bureau has entered into a proposed settlement with a group of corporate and individual defendants over violations of state interest rate caps and other consumer financial protection laws.
Enova International, Inc., a publicly-traded, online lender that markets payday and installment loans, announced this week that it has reached an agreement with the Consumer Financial Protection Bureau to address payment processing issues.
Earlier this month, the Consumer Financial Protection Bureau published two reports assessing the effectiveness of its Ability to Repay and Qualified Mortgage Rule and its mortgage servicing rule.
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.
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.
Although California, Florida and Texas topped the list of complaints by volume, the District of Columbia was the per capita leader in consumer complaints, with 358 per 100,000 citizens.
The Consumer Financial Protection Bureau entered into a consent decree with Bluestem Brands, Bluestem Enterprises and Bluestem Sales to resolve allegations of misdeeds on the part of the company.
Though the bureau has continued its enforcement activities via settlements and consent orders in recent months, this action against Future Income Payments is the first time under Mulvaney’s leadership that a regulated entity has been sued.
The report is the first one issued with CFPB Interim Director Mick Mulvaney at the helm, and largely follows formats and standards laid out during Richard Cordray's tenure at the Consumer Financial Protection Bureau.