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Inside the CFPB

December 10, 2018

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Kraninger Confirmed as CFPB Director. Will She Bring Change?

The Senate last week confirmed Kathy Kraninger as the second permanent director of the CFPB, on a 50-49 party-line vote. Read More

States Gear up for Fair Lending Enforcement, With a Few Limits

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. Read More

VA Lender Sued for Deceiving Veterans Regarding IRRRLs

The CFPB last week sued Village Capital & Investment for deceiving veterans regarding the Interest Rate Reduction Refinance Loans program. Read More

Top Senate Democrat Slams Mulvaney’s Leadership at CFPB

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. Read More

Deputy Director Explains CFPB’s Consumer Protection Approach

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. Read More

Cost-Benefit Analysis Likely a Focus of New CFPB Leadership

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. Read More

Former CFPB Watchdog Launches Competing Student Loan Center

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. Read More

Mulvaney’s Rebranding Efforts Could be Costly for Companies

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. Read More

Fair Lending Activities to Gain Traction Next Year, Say Experts

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. Read More

CFPB Imposes Zero Civil Money Penalty for Violations, Again

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. Read More

Other News in Brief

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. Read More

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