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."
According to the Reuters report, which cited unnamed sources, acting CFPB Director Mick Mulvaney is seeking a settlement with Wells over claims related to force-placed auto insurance and improper mortgage fees.
Several states have created their own operations aimed at shoring up what they see as oversight holes created by the CFPB; JPMorgan CEO’s annual letter (47 pages, this one) runs the gamut.
Readers react to Mick Mulvaney’s proposal to restructure the Consumer Financial Protection Agency, opine on Community Reinvestment Act reform ideas, weigh in on emojis in digital banking and more.
The agency’s acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.
CFPB acting director uses the senator’s own words against her; Wall Street veteran’s addition shows the German bank is committed to U.S. investment banking.
The information request is the 11th issued by the agency since acting CFPB Director Mick Mulvaney in January launched a review to examine the bureau's practices.
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.
