The CFPB has dropped its RESPA enforcement action against PHH — the case in which the en banc D.C. Circuit upheld the constitutionality of the CFPB's structure. Read about it here.
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Consumer Financial Protection Bureau's Mick Mulvaney has dismissed the members of the agency’s Consumer Advisory Board. The CFPB's Policy Associate Director for External Affairs informed board members of the decision on a conference call Wednesday. The members were told that their terms were terminated and they were not permitted to reapply. Politico has the story.
The Wall Street Journal reports that Mick Mulvaney at the Consumer Financial Protection Bureau will lift the freeze on the CFPB’s collection of private consumer data, which helps its examiners oversee financial institutions. The full article is here.
In April, payday lenders sued the Consumer Financial Protection Bureau over the payday lending regulation — a rule that provides borrowers with various protections to avoid the cycle of debt too-often associated with payday lending. Yesterday, in a joint filing, the CFPB and the payday lenders together asked the court to stay the litigation while […]
"Salaried managers and assistant managers at the big-box home improvement retailer are being required to enter binding arbitration agreements under the threat of losing their valuable bonuses, according to a copy of the contract obtained by HuffPost.By signing the contract, managers agree they won’t take Lowe’s to court with any claims or join in class-action […]
AP reports that a federal court in California has ruled that the Education Department violated privacy laws with regard to students defrauded by the Corinthian for-profit college chain. "In a break with Obama administration policy, Education Secretary Betsy DeVos announced in December that some students cheated by the now-defunct schools would only get a part […]
Susan Grant at the Consumer Federation of America has written A Credit Reporting Agency You Probably Never Heard Of. Here's a key excerpt: If you have placed freezes on your credit files at Experian, Equifax and TransUnion, no one can fraudulently open a new account pretending to be you, right? Not exactly. Freezing your files at […]
This article from the American Banker discusses Acting Director Mulvaney's intention to re-examine how the Consumer Financial Protection Bureau enforces the Equal Credit Opportunity Act, which prohibits discrimination in lending. "Mulvaney's comments suggest the CFPB may make it harder for protected groups, including minorities and women, to claim they were adversely impacted by discriminatory practices. […]
That's the name of this article by Devin Leonard and Elizabeth Dexheimer. A key passage sets out what Mulvaney has done already and his vision for the agency: Six months into his tenure, Mulvaney is doing everything he can to transform the CFPB from a regulatory crown jewel of liberals into one that he says follows the […]