The bills recently considered by the Senate range from Sen. Mike Crapo's (R-Idaho) already-passed and House-bound Economic Growth, Regulatory Relief, and Consumer Protection Act to Sen. Ted Cruz' (R-Texas) Repeal CFPB Act, which does precisely what its label says.
A bipartisan group of two Republicans and two Democrats introduced a bill in the House that would address the contentious issue of leadership at the Consumer Financial Protection Bureau.
News surfaced last week of trouble at the Consumer Financial Protect Bureau, but the issues had nothing to do with President Trump or federal court decisions.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, stated the bureau plans to increase coordination with state attorneys general in enforcing federal consumer financial protection law.
Under former director Richard Cordray, the bureau had originally sought a permanent injunction on the business activities of Golden Valley Lending and three other payday lenders last year.
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.
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.
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 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."
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.