A proposed change to the small-dollar lending rule at the Consumer Financial Protection Bureau has generated pushback from consumer advocates and support from the payday lending industry.
After roughly one full year at the helm of the Consumer Financial Protection Bureau, Mick Mulvaney stepped aside last month when Kathy Kraninger was confirmed by the Senate as the new director of the bureau. It remains to be seen precisely how Kraninger’s leadership will affect the bureau, but the record of Mulvaney’s tenure can now be assessed.
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.
Oversight from the Consumer Financial Protection Bureau hasn’t significantly decreased mortgages made by the nation’s largest banks. It has affected the kinds of mortgages those banks offer, however, say researchers at the New York Fed.
After dissolving its three advisory boards earlier this year, the Consumer Financial Protection Bureau has formally reconvened them with new and fewer members who will serve shorter terms.
Kathleen Kraninger is one step closer to leading the Consumer Financial Protection Bureau after a close vote by the Senate Banking Committee. The committee’s 13 Republicans all voted in favor of the controversial nominee, who is currently a staffer at the Office of Management and Budget, and its 12 Democrats all voted against Kraninger.
President Donald Trump nominated an Office of Management and Budget staffer to replace Mick Mulvaney as head of the Consumer Financial Protection Bureau on June 18. Kathy Kraninger, an associate director of the OMB under Mulvaney, received the presidential nod to permanently replace Mulvaney at the CFPB.
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.
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.
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.