Acting Director Mick Mulvaney’s temporary term at the Consumer Financial Protection Bureau ends June 22, and President Donald Trump has yet to name his replacement.
President Donald Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), which eases some Dodd-Frank Act requirements, into law on May 24.
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.