The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.
Some fintechs argue that banks are selectively working with only certain third parties in sharing information and violating the spirit of the CFPB’s data-sharing principles.
Mick Mulvaney, President Trump's likely interim head of the CFPB, has taken tough stances on the CFPB, its payday lending rule, housing finance reform and other issues pending before the agency.
Mnuchin’s former business associate is likely to be sworn in next week; Mulvaney, as a congressman, called the CFPB a “joke” and co-sponsored a bill to kill it.
A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.
Mick Mulvaney, President Trump’s Office of Management and Budget director, is being considered for interim director of the consumer watchdog after Richard Cordray steps down and until a permanent pick is confirmed.
It’s a seat the Trump administration has long wanted vacated, and now it gets a chance to fill it — and change the direction of an agency that’s been a thorn in Republicans’ side. Following are the top candidates:
The resignation of CFPB Director Richard Cordray gives President Trump the chance to name a director who could roll back agency rules and supervisory policies.
