Five-year plan continues Mulvaney restraint

The Consumer Financial Protection Bureau will continue its more low-key, hands-off approach to consumer protection and regulation, one which equally emphasizes the rights of the regulated.

CFPB’s Cordray resigns, fracas ensues

Cordray named former chief of staff Leandra English as deputy director of the agency, to serve as the bureau’s acting director. Trump, however, appointed Office of Management and Budget Director Mick Mulvaney as the CFPB’s interim director.

Mortgage delinquency rates hit pre-recession low

Information from a newly launched assessment tool shows that mortgage delinquency rates have dropped to levels not seen since before the recession, the Consumer Financial Protection Bureau said.

Aequitas fined over ‘predatory’ student lending

The Consumer Financial Protection Bureau filed a complaint against Aequitas Capital Management, Inc., over its lending to students of Corinthian Colleges. Aequitas was accused of violating the Dodd-Frank Act’s prohibition against abusive acts and practices.

CFPB raises mortgage data reporting threshold

The proposed temporary increase in the HMDA reporting threshold for HELOCs would apply to institutions who make 500 or fewer such loans in the previous two years, compared to the current threshold of 100 such loans.

CFPB argues civil liberties irrelevant to PHH case

In its brief, the CFPB argues that under binding precedent, the only relevant question to determining the constitutionality of an agency’s structure is whether or not that structure is “of such a nature that it will impede the President’s ability to perform his constitutional duty…to take care that the laws are faithfully executed” (emphasis in the original).

Citizens Bank of Pennsylvania is a warning to the banking industry

Regulators’ action against Citizens Bank of Pennsylvania has huge ramifications for the banking industry. Three regulators − the CFPB, FDIC and the Office of the Comptroller of the Currency – have ordered Citizens to pay $14 million in refunds to consumers and another $20.5 million penalty.

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