Payday lenders scored a victory when the bureau committed to proposing changes next year, but they expressed disappointment that the revamp will not address a key payment-processing provision.
The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.
Consumer Financial Protection Agency Acting Director Mick Mulvaney is winding down some of the efforts his predecessor worked hardest on: enforcement of payday and fair lending rules and the Military Lending Act. Reporter Kate Berry shares the latest.
Questions surrounding Eric Blankenstein, a senior CFPB official whose racially charged writings from over a decade ago have led to calls for his resignation, have been referred to the agency's watchdog.
The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.
The uproar over the incendiary writings of a Consumer Financial Protection Bureau official have led to calls for his removal, but the agency’s interim chief says he won’t “let any outside group dictate who works here.”
Senate Democrats on Wednesday called for acting CFPB Director Mick Mulvaney to reveal the vetting process that led to the hiring of a political appointee whose past incendiary writings have caused an uproar at the agency.
The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."
