CFPB

Consumer Rights Groups Hit Out at CFPB Sandbox Plans

Consumer rights groups in the US have slammed a proposal by the Consumer Financial Protection Bureau to create a regulatory sandbox that would enable fintech firms to bypass red tape.

Read More

Public Interest Groups Oppose Loosening Rules for Fintech Providers

A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech providers, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.

Read More

Podcast: Inside Warren’s Latest Criticism of CFPB’s Mulvaney

American Banker’s Kate Berry discusses recent events at the Consumer Financial Protection Bureau, including acting Director Mick Mulvaney’s efforts to strip the bureau of its ability to enforce fair-lending rules and his replacement of its consumer advisory board.

Read More

Here’s What the CFPB’s Sandbox Should Look Like

The Consumer Financial Protection Bureau is joining a slew of regulatory agencies across the globe to create a fintech regulatory sandbox, and so far the bureau has offered scant details about the effort.

Read More

CFPB’s Student Loan Ombudsman Resigns in Scathing Letter to Mulvaney

Seth Frotman, an assistant director and student loan ombudsman at the Consumer Financial Protection Bureau, resigned in a scathing letter sent Monday to acting CFPB Director Mick Mulvaney, saying the bureau had abandoned consumers and was no longer enforcing the law. Frotman has spent seven years in the CFPB’s student lending office.

Read More

CFPB Joins Foreign Regulators in Global Financial Innovation Network

The Consumer Financial Protection Bureau today announced a new partnership with 11 financial regulators and related organizations around the globe aimed at creating a Global Financial Innovation Network. The network is intended to facilitate interactions between regulators and innovators as they seek scale and ubiquity for new technologies.

Read More

PODCAST: Upheaval at the CFPB

The nomination of Kathy Kraninger as CFPB director has sparked fights in Congress. Meanwhile, the agency has taken several notable enforcement actions. American Banker reporter Kate Berry explains what these developments mean for the CFPB’s future.

Read More

In a Twist, Mulvaney Now Defending CFPB Enforcement Powers

In contrast to acting Director Mick Mulvaney’s pro-industry, deregulatory stances, the Consumer Financial Protection Bureau has lately wielded a lot more of its regulatory clout. The agency has accelerated enforcement actions against a mix of companies, upholding findings that originated in the Obama administration.

Read More

CFPB Names Paul Watkins as Innovation Head

The Consumer Financial Protection Bureau (CFPB) has announced that Paul Watkins, a lawyer, will lead the agency’s newly created Office of Innovation. I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers and commitment to innovation to the Bureau, Acting Director Mick Mulvaney said in a press release.

Read More

CFPB’s Mulvaney Picks New Acting Deputy Director

The Consumer Financial Protection Bureau announced that Brian Johnson, who currently serves as principal policy director at the Bureau, will assume the responsibilities of acting deputy director. Brian Johnson is the first person I hired at the Bureau and has been an indispensable advisor, Acting Director Mick Mulvaney said in a press release.

Read More

What Happens to CFPB if Mulvaney Gets Picked as Trump’s Chief of Staff?

The leadership of the Consumer Financial Protection Bureau may soon be in play again as President Trump is reportedly weighing whether to pick a new White House chief of staff.

Read More

CFPB Nominee Faces Questions on Her Role in ‘Zero Tolerance’ Immigration Policy

Kathy Kraninger, the nominee to head the Consumer Financial Protection Bureau, likely was deeply involved in President Trump’s “zero-tolerance” immigration policy, according to former officials with the Office of Management and Budget and the Department of Homeland Security.

Read More