by Jeff Sovern According to Politico, here's what Mulvaney himself said about it: POLITICO’s Katy O'Donnell: “The Consumer Financial Protection Bureau is planning for the likelihood that acting Director Mick Mulvaney will remain in place through the end of the year, Mulvaney said today at a banking industry conference. “‘If it takes a year and […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern AP is running a story, Under Trump, a Voice for the American Consumer Goes Silent, making a point that this blog has frequently noted. Excerpt: A review of a CFPB database obtained by the AP through a Freedom of Information request shows that the bureau issued an average of two to four […]
by Jeff Sovern So Reuters reports here. This report is consistent with the view that businesses that behave properly suffer when competitors cut corners and so enforcement of consumer protection laws benefits not only consumers but companies with consciences.
by Jeff Sovern Lately, I've been thinking to myself about how so little has leaked out on what's going on at the Bureau, especially compared to the White House. But that didn't stop Acting Director Mulvaney today from attacking CFPB staff for leaking, according to Sylvan Lane in The Hill. Here's an excerpt: Mulvaney . […]
by Jeff Sovern On Wednesday, the House Financial Services Committee will hear from CFPB Interim Chief Mick Mulvaney about the CFPB. Here are some questions I hope get asked of Mulvaney, in no particular order: Wells Fargo. You have said that complaints to the CFPB should guide your actions. It appears from the public database […]
Here. Listen to it while driving. It explores people involved in the CFPB's dismissal of the Golden Valley payday lending case and quotes Chris Peterson.
by Jeff Sovern The report is here. Here's an excerpt from Mulvaney's statement at the beginning of the report: As has been evident since the enactment of the Dodd-Frank Act, the Bureau is far too powerful, and with precious little oversight of its activities. Per the statute, in the normal course the Bureau’s Director simultaneously […]
The report, at CreditCards.com, is titled "Store-card issuers top list of complaints with the CFPB" and the subheading is" Purchase issues, unexpected fees or interest are most common card-related gripes." The report lists the most-complained-about issuers per $100M in card balances and also reports on which issuers give the most refunds. Here's an excerpt: It […]
by Jeff Sovern Kate Berry has a report at the American Banker, A CFPB commission will never fly, chock full of interesting quotes. The gist of it is that the Senate Democrats who voted for the bank bill oppose changes in the CFPB and so say they will not support a revised bill if the House […]
by Jeff Sovern CFPB Acting Director Mick Mulvaney famously said that the Bureau should not push the envelope. He also said at the same time: There will absolutely be times when circumstances require us to take dramatic action to protect consumers. At those times, I expect us to be vigorous in our enforcement of the […]