News – Page 40 – CFPB Journal

CFPB penalizes credit reporting agencies

TransUnion and Equifax, Inc. have been ordered to pay a total of more than $17.6 million in restitution to consumers, along with fines totaling $5.5 million to the CFPB.

CFPB signals lending regulation priorities for 2017

The bureau will focus on redlining, loan servicing and small business lending in 2017, according to a recent blog post.

New chief of staff, others announced at CFPB

The bureau also announced a slew of other appointments, including chief information officer, chief financial officer and a pair of assistant directors.

Trump appointee could be trouble for the CFPB

The nomination of South Carolina Republican Congressman Mick Mulvaney as director of the Office of Management and Budget signals that federal regulations are likely to face tough scrutiny in the Trump administration.

Public interest firm sues CFPB over FOIA request

The request, filed by the Cause of Action Institute, sought access to CFPB files pertaining to its proposed arbitration rule.

Military Credit Services sued over loan disclosures

The Consumer Financial Protection Bureau today sued Military Credit Services, LLC $200,000 for making loans with “improper disclosures”.

CFPB forges ahead with CID subpoenas

The Consumer Financial Protection Bureau recently filed legal petitions against two financial companies seeking to force them to cooperate with administrative subpoenas known as “civil investigative demands”.

CFPB issues guidance for bank sales incentives

Incentives for employees and service providers to meet sales goals can lead to consumer harm if not properly managed, the Consumer Financial Protection Bureau said in new guidelines issued in the wake of fines recently levied against Wells Fargo.

Campaign donations reveal CFPB to be highly partisan

Employees at the bureau made more than 300 donations totaling nearly $50,000 to Democratic candidates. Not a single donation was given in support of a Republican or conservative candidate.

CFPB requests en banc rehearing in PHH case

Last week, as expected, the CFPB filed a petition requesting another hearing of the case by the full court, or en banc. In the petition, the bureau claims the panel’s ruling “set up what may be the most important separation-of-powers case in a generation.”