CFPB Out of Bounds on Recent Exams, Misused Resources

At a time when the CFPB is getting accustomed to a new director, the CFPB has been found to have gone outside its examination authority, according to the Office of the Inspector General (OIG). According to a report released in March, OIG identified instances in which the Consumer Financial Protection Bureau (CFPB) examined financial service […]

CFPB Director: Bureau Seeks to ‘Prevent Harm,’ Use Enforcement Cautiously

The primary mission of the Consumer Financial Protection Bureau (CFPB) under its new director, Kathleen L. Kraninger, will be in focusing on preventing harm to consumers by empowering them, educating them, ensuring clear rules by which financial institutions should operate, and ensuring a culture of compliance through supervision. This was the vision laid out by […]

CFPB: Low Reverse Mortgage Presence Among Elder Financial Abuse Reports

Elder financial exploitation (EFE) occurs due to a wide range of perpetrators, from close family members to offshore scammers. Only one in 44 EFE incidents are actually reported to authorities, and annual dollar losses range from $2.9 billion to $36 billion. However, less than one percent of reported EFE between 2013 and 2017 involved reverse […]

CFPB Announces ‘Enhancements’ to Advisory Committee Charters

The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will be “enhancing” its charters concerning advisory committees, which provide information to the bureau on a number of different business sectors that the agency oversees. “I’ve seen first-hand how the Bureau benefits from the valuable input provided by committee members. I have also seen how […]

CFPB Director Kraninger Takes Hot Seat at House Committee Hearing

New Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger testified Thursday morning before the House Financial Services Committee, answering pointed questions from Democratic and Republican politicians concerning the oversight of the agency. In a hearing titled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Democratic members of Congress led by […]

CFPB Warns of ‘Quadrupled’ Reports of Elder Financial Abuse

The Consumer Financial Protection Bureau (CFPB) is warning of reported widespread financial abuse of seniors ranging in sources from offshore scammers to immediate family members. The agency detailed its findings in a new blog at the agency’s website, and has released a dedicated report to inform the public about the rampancy of the issue. In […]

CFPB Prompts Americans to ‘Start Small, Save Up’

The Consumer Financial Protection Bureau (CFPB) announced a new “Start Small, Save Up” initiative this week, in order to try and better prepare Americans for the endurance of unexpected expenses via an emergency fund, as well as the necessity of saving money for the future. The initiative, “offers tips, tools and information to help consumers […]

CFPB Will Not Proceed With Name Change, Says Kraninger

The Consumer Financial Protection Bureau (CFPB) will halt efforts made by the agency’s previous director to change its name to match the original designation it was given in 2010’s Dodd–Frank Wall Street Reform and Consumer Protection Act. This is according to an email sent by new CFPB director Kathleen L. Kraninger to agency employees on […]

Former CFPB Director Mulvaney Named Acting White House Chief of Staff

Mick Mulvaney, former acting director the Consumer Financial Protection Bureau (CFPB), will be named acting White House Chief of Staff according to a Friday tweet by President Donald J. Trump. “I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, […]

CFPB: Low Housing Payments Signal Better Senior Financial Well-Being

Older American homeowners have a greater degree of financial well-being than those who do not own a home, while lower housing costs are also correlated to more positive financial well-being. This is according to a survey titled “Financial Well-being of Older Americans,” released by the Consumer Financial Protection Bureau (CFPB) Office of Financial Protection for […]