The Consumer Financial Protection Bureau’s 2013 guidance putting indirect auto lenders on the hook for unintentional discrimination by their partner dealers should have been subject to Congressional review, the Government Accountability Office said Tuesday.
A federal judge said Tuesday that he will hear motions Dec. 22 in a case that seeks a preliminary injunction against acting Consumer Financial Protection Bureau Director Mick Mulvaney and would instead install Deputy Director Leandra English as interim head of the agency.
An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products.
The 2018 gubernatorial race will be watched closely both by bankers and consumer advocates to see whether Cordray's leadership of the Consumer Financial Protection Bureau becomes a campaign asset or a liability.
In a letter to President Trump, 44 Democratic senators said the White House's appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau "jeopardizes the agency’s independence and effectiveness."
Richard Cordray, whose resignation as director of the Consumer Financial Protection Bureau sparked a battle over the agency's leadership, plans to announce on Tuesday he's running for Ohio governor as a Democrat.
Mick Mulvaney, the agency's acting director, said he believes the small-dollar lending rule is too far along to roll back through regulation but hopes Congress will repeal it.
Brian Johnson joins agency as senior adviser to acting director Mick Mulvaney; CME and Cboe are expected to begin trading bitcoin futures in the next few weeks.
