CFPB's Mulvaney: “If the CFPB loses a court case because we pushed too hard, we simply move on to the next matter. But where do those that we have charged go to get their time, their money, or their good names back?”
A staggering 15.8 percent of the island commonwealth’s FHA loans were more than 90 days late as of Dec. 31, and another 13.0 percent were 30-90 days in arrears.
In recent days, Judge Timothy Kelly of the U.S. District Court for the District of Columbia circuit ruled, as expected, to deny CFPB Deputy Director Leandra English’s personal legal bid soliciting a preliminary injunction to unseat Acting Director Mick Mulvaney and install her in the job. For multiple reasons, “including that English has not demonstrated a likelihood of success on the merits [of her case] or shown that she will suffer irreparable injury absent injunctive relief, her request for a preliminary injunction is denied,” the judge wrote. Further, “The president has designated Mulvaney the CFPB’s acting director, the CFPB has recognized him as the acting director, and it is operating with him as the acting director,” he continued. “Granting English ...
Sen. Elizabeth Warren, D-MA, recently questioned whether CFPB Acting Director Mick Mulvaney is intentionally trying to undermine the bureau, utilizing some Inspector General concerns about the agency’s data security as a pretext. In a letter to Mulvaney and Leandra English, the deputy director of the federal regulator, Warren said the CFPB cannot fulfill its core functions without collecting personally identifiable information. “When a consumer submits a complaint, the CFPB asks for information such as their name and account number to enable the agency to help resolve the dispute,” Warren said. “CFPB bank examiners and enforcement lawyers regularly use account-level data provided by regulated institutions to detect improper and unlawful activity.” Similarly, the bureau’s Office of Fair Lending collects and analyzes ...
In another historic move, CFPB Acting Director Mick Mulvaney late last week shocked defenders of the bureau under Richard Cordray by announcing he had submitted to the Federal Reserve the bureau’s quarterly appropriations request for the second quarter of fiscal year 2018, requesting zero funds. In a letter to departing Fed chief Janet Yellen, Mulvaney spelled out his rationale. “The reason for this is straightforward: I am informed that the projected second quarter expenses for the bureau are approximately $145 million. “During my review of the financial condition of the bureau, I learned that, as of the beginning of the fiscal year 2018, the bureau had a balance [in its fund] at the Federal Reserve Bank of New York in ...
Last week, the CFPB put out a call for evidence to make sure it is “fulfilling its proper and appropriate functions to best protect consumers.” The agency said it will soon publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. The bureau’s expectation is that the RFIs will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. “In this New Year, and under new leadership, it is natural for the bureau to critically examine its policies and practices to ensure they align with the bureau’s statutory mandate,” said Acting Director Mick Mulvaney. “Moving forward, ...
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