The CFPB will start a rulemaking process to clarify what practices will be deemed “abusive” in the bureau’s sweeping authority to ban unfair, deceptive and abusive acts or practices, said Acting CFPB Director Mick Mulvaney. Speaking at the annual convention of the Mortgage Bankers Association in Washington this week, Mulvaney said Congress has defined “unfair” and “deceptive” practices fairly clearly, but the meaning of “abusive” is not well established in the law....
Rep. Maxine Waters, D-CA, ranking member of the House Financial Services Committee, introduced a bill to undo changes Acting CFPB Director Mick Mulvaney has made to the agency during his tenure. The legislation has no chance in the current session of Congress, but it would likely get on the fast track if Democrats win control of the House in the upcoming midterm elections. “My bill, the Consumer First Act, would reverse the harmful changes the Trump administration ...
A top CFPB official last week touted the agency’s strategy on fintech and innovation in financial services as a perfect fit with its emphasis on cooperating with state regulators. Paul Watkins, director of the CFPB’s Office of Innovation, said the bureau is taking unique steps to coordinate with state regulators in creating regulatory sandboxes for financial technology companies. He joined other government officials in making remarks at the Bank Policy Institute’s ...
The Mortgage Bankers Association last week suggested the CFPB provide more clarity in the trial disclosure program. The CFPB in September issued a proposed rule to revise its trial disclosure policy. The new policy would reduce the application burden, clarify timing requirements, establish procedures for extending successful trial disclosure programs, and facilitate coordination with state regulators. “The proposed revision of the [trial disclosure program] ...
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