Category Archives: Consumer Financial Protection Bureau

by Jeff Sovern Regular CFPB observers will recall that after Mulvaney took over as acting CFPB director, it took many months before the Bureau announced its first enforcement action.  Well, the new director, Kathy Kraninger, has already announced her first settlement. This settlement might offer some guidance as to what kind of director Kraninger will […]

by Jeff Sovern The FTC was expected to run out of funding to conduct most of its operations at some point today, according to the Washington Post. The FTC's shutdown is obviously bad news for consumers. My understanding is that because the CFPB receives its funding from the Fed, it is not subject to the […]

Here, in The Hill. Excerpt: Senators voted 50-49, along party lines, to end debate on Kathy Kraninger’s nomination to be the next CFPB director, with no Democrats supporting her. Kraninger is likely to be confirmed next week after a contentious Senate floor debate over her selection.

Here, by Brad Wolverton & Alex Richards. I don't want to quote too much, so here is an incomplete excerpt: The federal watchdog agency created to protect consumers is not regulating two of the country’s fastest-growing financial institutions despite receiving voluminous complaints about them, NerdWallet has found. Escaping scrutiny are Green Dot Corp. — which […]

Here.  Excerpt from Jeff Bater's report: The Consumer Financial Protection Bureau took only three enforcement actions in the third quarter of 2018 and is on pace for the lowest yearly total in its seven years of existence. The bureau levied $1.6 million in penalties in the three-month period ending in September, compared to $7.3 million […]

by Jeff Sovern Acting CFPB director Mick Mulvaney famously wrote that he would not push the envelope. He explained: That entire governing philosophy of pushing the envelope frightens me a little. We are government employees, and we work for the people. That means everyone: those who use credit cards and those who provide the credit; […]

by Jeff Sovern The CFPB has announced the new members of its Consumer Advisory Board: the new board has fewer members than the old one–meaning fewer viewpoints are represented–and the members will serve for shorter terms, making it harder for them to accumulate relevant experience with board service. I wonder if this is just an […]

Reuters is reporting that the CFPB and Santander have reached a settlement regarding allegations that the auto finance lender misled borrowers about the cost of auto loans and related GAP insurance policies. According to the story, Santander has “agreed to pay a fine and strengthen its consumer protections,” but the size of the fine is […]

by Jeff Sovern NPR has a report, including Seth Frotman's resignation letter, here.  The letter deserves to be read.