While Acting Director Mick Mulvaney has received heavy criticism for the changes he has made at the Consumer Financial Protection Bureau, at least one change was started under his predecessor – the agency’s new seal.
After canceling multiple meetings with its consumer advisory board, the acting director of the Consumer Financial Protection bureau has dismissed all 25 CAB members, essentially dissolving the board.
The acting director of the Consumer Financial Protection Bureau has canceled multiple meetings with its consumer advisory board, causing statements of concern from some CAB members.
President Donald Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), which eases some Dodd-Frank Act requirements, into law on May 24.
On May 21, President Donald Trump signed a resolution which negates 2013 guidance on auto loans issued by the Consumer Financial Protection Bureau aimed at preventing discriminatory markups on indirect loans made by car dealers.
CFPB Acting Director Mick Mulvaney is folding the Office of Students and Young Consumers into the Office of Financial Education, a move which swiftly drew the ire of high-ranking Democrats.
The CFPB alleged that Weltman, Weinberg & Reis violated the Fair Debt Collection Practices Act and the Consumer Financial Protection Act in their correspondence with consumers.
The amendment will clarify when creditors may pass on increased costs to consumers and disclose them on a closing disclosure under the October 2015 rule.
The agency formerly known as the Consumer Financial Protection Bureau will now be the Bureau of Consumer Financial Protection, Acting Director Mick Mulvaney told an audience of more than 1,300 bankers at an American Bankers Association conference.
Wells Fargo was fined $500 million by the Office of the Comptroller of the Currency and $1 billion by the Consumer Financial Protection Bureau, the largest CFPB fine to date.