Acting director wants agency run by a bipartisan body, not a lone director; Fed and OCC push for relaxing the supplementary leverage ratio at the biggest banks.
In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.
The Consumer Financial Protection Bureau on Wednesday asked for public input on the way it receives and processes complaints from consumers in what the agency said was a preliminary step toward making improvements.
Proposal would lower capital requirements for some, raise them for others; Mulvaney says enforcement division will continue to police lending discrimination.
Questions about the CFPB’s structure, high-profile enforcement actions and the acting director’s rift with Elizabeth Warren could dominate two days of hearings on Capitol Hill.
The acting head of the Consumer Financial Protection Bureau said he is “pleasantly surprised” with most personnel but raised concerns about those who lean toward the regulatory philosophy of Sen. Elizabeth Warren.
The lawsuit, filed in the U.S. District Court for the Western District of Texas, alleges that the CFPB rule is "arbitrary, capricious, and unsupported by substantial evidence."
