The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semi-annual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.
Mark Begor, a former long-time GE Capital executive, faces lots of challenges as the credit bureau recovers; CEO dismisses “widespread rumors” that the bank wants to replace him.
The new request for information is the 10th in the series that is part of acting Director Mick Mulvaney’s “call for evidence” to assess the CFPB’s overall effectiveness.
One purpose of the Senate bill was for small banks to rein in skyrocketing costs, but some bankers question whether the changes will save them money, and adapting to the reforms may even increase spending.
The congressional resolution to overturn the payday regulation comes as acting CFPB Director Mick Mulvaney has already said the agency will reconsider the rule internally.
Readers react to the Senate regulatory relief bill, weigh in on the Consumer Financial Protection Bureau’s innovation initiative, chime in on whether banks need to provide more value in a digital age and more.
The information collection effort is consistent with acting CFPB Director Mick Mulvaney's efforts to set the agency on a more pro-industry, anti-enforcement course.
In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.
