The Dodd-Frank Act consolidated massive authority under the Consumer Financial Protection Bureau, but acting Director Mick Mulvaney wants the bureau to take a back seat to states and other federal regulators.
The Consumer Financial Protection Bureau is among several agencies that "continue to investigate events related to" last year's Equifax brief, the credit reporting firm said in a securities filing.
Wells Fargo's legal and regulatory struggles expanded to previously untarnished businesses Thursday as the company revealed new allegations of improper sales practices. The Federal Reserve vowed to keep unprecedented sanctions in place for a "significant period."
The Consumer Financial Protection Bureau issued a request for information Thursday on the bureau’s public reporting of consumer complaints, which has long vexed the financial services industry.
Democrats used a hearing with Fed Chair Jerome Powell to lay the groundwork for an intraparty debate over the merits of the Senate’s regulatory relief bill.
The acting head of the Consumer Financial Protection Bureau has made clear he wants to rein in the bureau’s spending, but what exactly he plans to cut is a mystery.
“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”
