Former director says his old agency is now “favoring predators”; Senator is looking into how the bank’s program to repay improperly charged loan customers.
Popular will acquire $1.5 billion in auto loans amid questions about the potential for loan losses following Hurricane Maria. The deal also coincides with Wells Fargo's need to stay inside a growth cap imposed by regulators.
The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit.
The CFPB sought input Wednesday about the effectiveness of its supervisory activities and added more topics, including consumer complaint reporting, to a review of all aspects of the agency's operations.
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."
Tax reform caused Fannie Mae to burn through retained earnings that had been approved just two months ago and to post a fourth-quarter loss. CEO Timothy Mayopoulos argued it was a one-time event that overshadowed strong fundamentals.
Sen. Elizabeth Warren, D-Mass., asked Wells Fargo's chief executive to address recent reports that the bank's efforts to compensate customers for unnecessary fees is falling short.
It’s too soon to gauge the true impact of recent tax cuts on loan demand, but anecdotes from bankers suggest that, after months of stagnation, pipelines are filling up again.
Nonbank mortgage firms are seeking formal assurance from the Consumer Financial Protection Bureau that they will not become subject to surprise audits or enforcement without involvement of a state regulator.
