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.
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.
A reduced fine against online lender CashCall for violating state interest rate caps would send the wrong message, according to a brief filed in a federal appeals court by the Consumer Financial Protection Bureau.
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.