State regulators will likely put more effort into enforcing fair lending laws, even as the CFPB continues to reassess the use of the disparate-impact theory under the Equal Credit Opportunity Act.
Sen. Sherrod Brown, D-OH, recently released a staff report accusing Acting CFPB Director Mick Mulvaney of undermining the agency’s mission to protect American consumers.
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.
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