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The bureau must enforce consumer protection laws “consistently, without regard to the status of a…depository institution, in order to promote fair competition,” said CFPB Director Richard Cordray said.
The bureau touted its accomplishments in its first five years in a video, but its report card is not unblemished.
The bureau’s proposed rule would disrupt community bank lending because of its “extremely complex and prescriptive nature,” said executives from ICBA and CUNA. CFPB Director Richard Cordray defended the move as an attempt to eliminate debt traps.
Some 25 percent of the Consumer Financial Protection Bureau’s African-American, Asian and female employees reported continued discrimination at the bureau, according to the Government Accountability Office.
The Consumer Financial Protection Bureau issued an interim final rule on March 22 which will broaden special provisions for small creditors that operate in rural or underserved areas.
Consumer Financial Protection Bureau Director Richard Cordray and FDIC Chair Martin Gruenberg have called on bankers to do more to serve unbanked and underbanked in the last month.
On Dec. 23, the CFPB closed the application period for an assistant director, small business lending markets, a job paying up to $275,000 for identifying opportunities to “enhance fairness, transparency and functioning” of small business lending markets.
The Consumer Financial Protection Bureau has promised to be “sensitive to good-faith efforts” of banks to comply with its new TILA-RESPA Integrated Disclosure Rule, known as TRID, which will take effect on Oct. 3.
Regulators’ action against Citizens Bank of Pennsylvania has huge ramifications for the banking industry. Three regulators − the CFPB, FDIC and the Office of the Comptroller of the Currency – have ordered Citizens to pay $14 million in refunds to consumers and another $20.5 million penalty.
On July 22, the CFPB announced that Meredith Fuchs will serve as acting deputy director after Deputy Director Steve Antonakes departs the agency at the end of July.