Since taking office in November of last year, acting Consumer Financial Protection Bureau Director Mick Mulvaney's actions have sparked outrage seemingly at every turn, including several times just last week.
The agency said Cross River Bank and an affiliated debt settlement company misled customers into thinking a debt consolidation program would settle their debts and boost their creditworthiness.
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.
Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.
The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.
The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.
Readers weigh in on the possibility of Mick Mulvaney becoming the White House chief of staff, debate whether the industry needs more or less consolidation, chime in on Wells Fargo’s updated mobile app and more.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policies of his predecessor but none as important perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."
