Acting CFPB director Mick Mulvaney issued "a call for evidence" Wednesday seeking comment on all of the consumer agency's functions, including enforcement, supervision, rulemaking, market monitoring and education activities.
The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect.
The disclosure of a key part of Wells Fargo's exam rating is fueling speculation that further regulatory action may soon be taken against the megabank and raising renewed questions about its regulator's oversight.
The bank says it received an “outstanding” rating on its most recent Community Reinvestment Act examination. Its previous rating, a “needs to improve,” not only was bad publicity but restricted its ability to buy banks.
Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives.
Attorney General Jeff Sessions’ decision to rescind an Obama-era directive that helped foster the marijuana sector’s growth raises new risks for banks and credit unions that do business with growers and dispensaries.