The Structured Finance Industry Group has expressed support for bipartisan legislation that would resolve problems arising from the government’s use of the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act in the context of mortgage insurance claims stemming from the financial crisis.
Mick Mulvaney has been repeatedly saying he is not burning down the Consumer Financial Protection Bureau, but he has changed its course, reorganized it and opened up every nook and cranny for reevaluation and public input.
The Dodd-Frank Act does not require the Consumer Financial Protection Bureau to provide public access to its consumer-complaint database, but the law doesn’t prohibit the bureau from doing so, some law professors said.
Going forward, the CFPB plans to consider the scale and frequency of violations when determining future enforcement actions, Acting Director Mick Mulvaney said. In remarks at a public policy luncheon hosted by Women in Housing and Finance, a professional group, Mulvaney said the consumer agency will decide whether the violations are systematic or intentional when determining potential actions against companies under its jurisdiction. For example, 12,000 violations ...
Mick Mulvaney has made many significant changes at the CFPB since President Trump named him acting director of the agency in November. Attorneys said the organizational changes may have the most profound impact. Mulvaney was not a fan of the consumer bureau, which he called a joke “in a sick, sad way.” Six months into his interim tenure, he was doing everything he could to change the consumer agency both structurally and operationally, in how it makes ...
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