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Citibank will be required to pay restitution totaling $335 million to 1.75 million consumers over violations of the Truth in Lending Act; significantly, however, Citibank will not be fined by the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau announced a consent decree with Security Group, Inc., for improperly aggressive collections of consumer debts.
U.S. District Judge Loretta Preska objected to the structure of the Consumer Financial Protection Bureau. Specifically, she ruled that the agency’s single director, who can only be removed by the president for-cause, was unconstitutional.
The Consumer Financial Protection Bureau ended its long dispute with PHH by dropping its case against the mortgage lender, bringing a close to the regulatory saga.
After canceling multiple meetings with its consumer advisory board, the acting director of the Consumer Financial Protection bureau has dismissed all 25 CAB members, essentially dissolving the board.
The acting director of the Consumer Financial Protection Bureau has canceled multiple meetings with its consumer advisory board, causing statements of concern from some CAB members.
The Consumer Financial Protection Bureau’s online database has been inactive since December, and Acting Director Mick Mulvaney doesn’t seem keen to reopen it.
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.
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.