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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.
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.
Two sets of reports previously regularly issued by the Consumer Financial Protection Bureau are no longer being updated, and the agency hasn’t offered a public explanation.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.
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.
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.
News surfaced last week of trouble at the Consumer Financial Protect Bureau, but the issues had nothing to do with President Trump or federal court decisions.
The Consumer Financial Protection Bureau and the Federal Trade Commission, which share enforcement responsibilities under the Fair Debt Collection Practices Act released a joint report on their efforts to combat illegal debt collection practices in 2017.