Sen. Elizabeth Warren (D-Mass.) has asked for an investigation of the proposed name change at the Consumer Financial Protection Bureau.
State Farm Bank, FSB, Bloomington, Ill., has settled with the Consumer Financial Protection Bureau for consumer financial protection and credit reporting violations.
Kathleen Kraninger, Trump’s appointee to lead the Consumer Financial Protection Bureau, was confirmed in a 50-49 party-line Senate vote. The Office of Management and Budget staffer replaces her OMB boss Mick Mulvaney as head of the CFPB.
The name change proposed at the Consumer Financial Protection Bureau could cost regulated entities $300 million if the agency goes through with its switch to the Bureau of Consumer Financial Protection moniker.
Dallas-based Santander Consumer USA has settled with the Consumer Financial Protection Bureau over allegations it used deceptive acts or practices in marketing auto loan add-ons and extensions.
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.
California Democrat Rep. Maxine Waters, who is likely to become head of the House Financial Services Committee, has long been a staunch ally of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau could be better at handling its enterprise risk management, although it is adequate in other information security areas, according to an OIG report.
The Consumer Financial Protection Bureau announced a settlement with Cash Express, LLC, a small-dollar lender that offers high-cost, short-term loans as well as check-cashing services.
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.