The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.
The uproar over the incendiary writings of a Consumer Financial Protection Bureau official have led to calls for his removal, but the agency’s interim chief says he won’t “let any outside group dictate who works here.”
The groups argue the proposal, which would provide certain legal safe harbors to participating companies, exceeds the CFPB’s statutory authority and would put consumers at greater risk.
BNY Mellon snags tech exec from Bank of America as CTO; dissent spreads at CFPB over top aide's writings; Anne Finucane ready to lead BofA's European operations; and more from this week's most-read stories.
Readers weigh in on infighting at the Consumer Financial Protection Bureau, react to a push for open banking in the United States, consider small-dollar bank loans and more.
The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers.
A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.
Senate Democrats on Wednesday called for acting CFPB Director Mick Mulvaney to reveal the vetting process that led to the hiring of a political appointee whose past incendiary writings have caused an uproar at the agency.
