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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 changes adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets as well as delaying implementation until April 2019.
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.”
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.
Mick Mulvaney
The Consumer Financial Protection Bureau will reconsider its recently issued and highly controversial payday lending rule, it said in a statement issued today.
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.
Sen. Ron Johnson (R-Wis.)
Sen. Ron Johnson (R-Wis.) launched an inquiry into the appointment of Leandra English to her role as chief of staff at the Consumer Financial Protection Bureau.
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.