April 2018 Articles – CFPB Journal

House takes up legislation requiring more CFPB transparency

The Give Useful Information to Define Effective Compliance Act was introduced by Rep. Sean Duffy (R-Wis.) and Rep. Ed Perlmutter (D-Colo.) on April 17.

Mulvaney makes CFPB name change official

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.

OCC, CFPB fine Wells Fargo $1 billion over auto loan and mortgage practices

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.

RFI addresses consumer complaints and inquiries

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.

Senate considering several bills to reform CFPB

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.

Monthly complaint, supervisory highlights reports go dormant

Two sets of reports previously regularly issued by the Consumer Financial Protection Bureau are no longer being updated, and the agency hasn’t offered a public explanation.

Mulvaney wants CFPB inspector general, legislative approval of major rules

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.