by Jeff Sovern The answer to the question is that I'm not sure it does. Brian reported earlier today that Reuters is saying that the CFPB has put its Equifax probe on ice. But Reuters also reports that Equifax says it is under investigation by every state AG, that the FTC is investigating, and that […]
Category Archives: Consumer Financial Protection Bureau
The decision is here. WSJ report here. Update: Law360 reports here.
by Jeff Sovern Ian McKendry has a report in the American Banker, Is Trump team moving to political middle in CFPB director search?, that mentions Iannicola, who served in the Treasury Department in the second Bush administration and is currently CEO of the Financial Literacy Group. Among their clients is the CFPB. The article also notes that another candidate, […]
by Jeff Sovern Allied Progress has the story. It seems that Mulvaney incorrectly attributed to his predecessor a statement that the Bureau pushed the envelope. That is according to Michael Grunwald, the author of the Politico article containing the original statement about pushing the envelope. Mulvaney's memo is available here. Update: The WSJ, which had […]
by Jeff Sovern In response to my inquiry, a CFPB representative, Brenda Muniz, informed me today that "There are no updates with respect to the freeze on enforcement actions or the issuance of CIDs," and that the CFPB has not announced an enforcement action since its November 21 announcement about Citibank. Though the Bureau's press […]
by Jeff Sovern According to Evan Weinberger, writing in Law360: Office of Management and Budget Director Mick Mulvaney, who is leading the Consumer Financial Protection Bureau on a temporary basis despite a court challenge from the bureau's deputy director, insisted Friday that he is not trying to destroy the federal watchdog from within. Mulvaney, who has been […]
by Jeff Sovern So reports Ian MacKendry in the American Banker. The article says that Dever's candidacy is being pushed by Rep. Steve Stivers, R-Ohio, a member of the House Financial Services Committee and the National Republican Campaign Committee. As is usual in such matters, no sources are identified, though a couple of administration insiders […]
by Jeff Sovern The drip of bad news for consumer protection continues. Yesterday, the CFPB announced a "Call for Evidence Regarding Consumer Financial Protection Bureau Functions;" Evan Weinberger has more at Law360. Today we learned, as Allison posted, that the Bureau's budgetary request for this quarter is nothing–it will spend down its reserves instead. Allison […]
by Jeff Sovern Last week, the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit held a hearing titled Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part III on a variety of bills. One of the bills, H.R. 1264, provides that "Community financial institutions shall be exempt from all rules and regulations issued by the Bureau." […]
by Jeff Sovern Here. It seems unlikely that the Bureau would go to the trouble of a rulemaking only to ratify the rule. The Bureau had previously stated that it intended to amend the prepay card rule.