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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.
A federal court in Pennsylvania recently denied a petition from a student loan servicer, Heartland Campus Solutions, for a stay of a civil investigative demand from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau plans to alter the way it manages enforcement of financial products for military personnel, focusing on complaints received rather than preemptive exams.
Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney announced this week two new initiatives designed to support innovation in the financial services industry.
Most borrowers pay off their student loan before the scheduled due date of the final payment, often with a single large final payment.
Citibank will be required to pay restitution totaling $335 million to 1.75 million consumers over violations of the Truth in Lending Act; significantly, however, Citibank will not be fined by the Consumer Financial Protection Bureau.