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On May 21, President Donald Trump signed a resolution which negates 2013 guidance on auto loans issued by the Consumer Financial Protection Bureau aimed at preventing discriminatory markups on indirect loans made by car dealers.
CFPB Acting Director Mick Mulvaney is folding the Office of Students and Young Consumers into the Office of Financial Education, a move which swiftly drew the ire of high-ranking Democrats.
The CFPB alleged that Weltman, Weinberg & Reis violated the Fair Debt Collection Practices Act and the Consumer Financial Protection Act in their correspondence with consumers.
The amendment will clarify when creditors may pass on increased costs to consumers and disclose them on a closing disclosure under the October 2015 rule.
CFPB Seal
The agency formerly known as the Consumer Financial Protection Bureau will now be the Bureau of Consumer Financial Protection, Acting Director Mick Mulvaney told an audience of more than 1,300 bankers at an American Bankers Association conference.
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 Consumer Financial Protection Bureau’s request for information on its handling of consumer complaints and inquiries is the 12th in a series of RFIs issued as part of Acting Director Mick Mulvaney’s reassessment of bureau practices.
Two sets of reports previously regularly issued by the Consumer Financial Protection Bureau are no longer being updated, and the agency hasn’t offered a public explanation.
Mick Mulvaney
Acting Director Mick Mulvaney offered four suggestions to change the Consumer Financial Protection Bureau in order to “protect [citizens] from government overreach” in his first semi-annual report to Congress.
The Consumer Financial Protection Bureau issued a request for information on its inherited regulations and inherited rulemaking authorities and extended deadlines for three other RFIs.