A recent report by K&L Gates highlights the conclusions that can be drawn from the CFPB’s understanding of an abusive act.
Former Ally Financial Inc., CEO Michael A. Carpenter said the CFPB abused its power by holding the bank’s business hostage in order to coerce a record settlement of “trumped-up” racism charges and push profit-killing new regulations on the entire auto-lending industry.
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.
Fed Chair Janet Yellen was on Capitol Hill last week making her semiannual visit before the House Financial Services Committee. When she was asked basic information about the CFPB, Yellen appeared to lack basic knowledge of the Bureau’s budget.
Among the many Super Bowl ads aired this past Sunday, one drew the ire of the Consumer Financial Protection Bureau.