Since taking the reins of the CFPB last year, Acting Director Mick Mulvaney has changed its course. In a recent speech, the agency’s second in command, Acting Deputy Director Brian Johnson, explained how the current leadership defines consumer protection and principles behind its actions.
The CFPB is seeking an assistant director to head the office of cost-benefit analysis, indicating that the agency going forward would focus on the economic implication of its activities.
Seth Frotman, the former student loan ombudsman who dramatically quit the CFPB in August, has launched his own initiative to help solve the student debt crisis.
Changing the name of the CFPB seems a small step, but it could cost financial institutions roughly $300 million to make behind-the-scenes changes, according to an internal CFPB document.
The CFPB last week released a fair lending report covering the agency’s activity in 2017. The report generally summarized the bureau’s past fair lending efforts and laid out its priorities.
The CFPB last week ordered State Farm Bank, a federal savings association in Bloomington, IL, to stop illegal credit reporting practices, without imposing a fine for its wrongdoings.
CFPB Releases 2018 Financial Literacy Annual Report; Former CFPB Deputy Director Raj Date Joins a Fintech Company; Rep. Patrick McHenry Elected Top GOP Member of House Financial Services Committee.
Law firm Rosicki, Rosicki & Associates, along with two affiliates, has agreed to settle a civil lawsuit alleging the companies systematically defrauded Fannie Mae and the Veterans Administration by routinely overcharging them and submitting false bills for foreclosure and eviction-related expenses.
A federal district court in Manhattan agreed to halt legal proceedings in an investment compa-ny’s challenge of U.S. Bank’s billing practices until the primary residential MBS case involving the two parties is resolved.
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