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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 request for information specifically calls for suggestions on “burden reduction” in its enforcement of federal consumer laws, while still fulfilling the bureau’s statutory function and commitment to transparency.
A three-judge panel had previously sided with PHH Mortgage in its suit against the Consumer Financial Protection Bureau, declaring its structure unconstitutional and vacating its $103 million fine.
The bureau was seeking penalties and restitution from CashCall, Inc., for violating the Consumer Financial Protection Act and the Dodd-Frank Act’s prohibition on “unfair, deceptive, and abusive acts and practices.”
Sen. Elizabeth Warren (D-Mass.)
New director Mick Mulvaney has suspended the bureau’s collection of personal identifying information when taking consumer complaints, and Sen. Elizabeth Warren (D-Mass.) is not happy with the move.
Mick Mulvaney, Director of the Consumer Financial Protection Bureau, continues to face internal resistance to his recent appointment by President Trump.
Interim CFPB director Mick Mulvaney appointed six new high-ranking administrators to support him, each of whom are drawn from other positions within the Trump Administration.
A former employee of the Consumer Financial Protection Bureau has come forward with accusations of fraud against the agency.
Xerox Business Solution was fined for issues stemming from defective software that sent erroneous information to consumer reporting agencies, which affected more than 1 million customers.
Earlier this month, the Consumer Financial Protection Bureau reached a settlement with Vantage Capital Group that handed VCG administration rights to more than 800,000 private student loans that had been mismanaged by a trust called National Collegiate Student Loan Trusts.