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.
The bills recently considered by the Senate range from Sen. Mike Crapo's (R-Idaho) already-passed and House-bound Economic Growth, Regulatory Relief, and Consumer Protection Act to Sen. Ted Cruz' (R-Texas) Repeal CFPB Act, which does precisely what its label says.
A bipartisan group of two Republicans and two Democrats introduced a bill in the House that would address the contentious issue of leadership at the Consumer Financial Protection Bureau.
President Trump revealed his 2019 federal budget plan this week, which features “major savings and reform proposals” across many offices and agencies, including the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau will continue its more low-key, hands-off approach to consumer protection and regulation, one which equally emphasizes the rights of the regulated.
In the latest change at the CPFB, acting director Mick Mulvaney requested $0 from Federal Reserve Chair Janet Yellen for the second quarter, instead proposing to pull from a back-up fund created by former director Richard Cordray.
Cordray named former chief of staff Leandra English as deputy director of the agency, to serve as the bureau's acting director. Trump, however, appointed Office of Management and Budget Director Mick Mulvaney as the CFPB's interim director.
Information from a newly launched assessment tool shows that mortgage delinquency rates have dropped to levels not seen since before the recession, the Consumer Financial Protection Bureau said.
The Consumer Financial Protection Bureau filed a complaint against Aequitas Capital Management, Inc., over its lending to students of Corinthian Colleges. Aequitas was accused of violating the Dodd-Frank Act's prohibition against abusive acts and practices.
The proposed temporary increase in the HMDA reporting threshold for HELOCs would apply to institutions who make 500 or fewer such loans in the previous two years, compared to the current threshold of 100 such loans.