NRMLA Comments: CFPB “Guidance” Should Not be Treated as Rule

Informal guidance from the Consumer Financial Protection Bureau (also known as the Bureau of Consumer Financial Protection) should not be treated as rule from a compliance standpoint, according to a position held by the National Reverse Mortgage Lenders Association that was submitted in formal comments to the Bureau this week. Responding to a Request for […]

Fight Over the CFPB Spills into Nationwide Immigration Controversy

A prominent senator on Tuesday pledged to hold up the nomination of the potential new Consumer Financial Protection Bureau chief due to questions over her involvement with the ongoing immigration crisis at the southern border. Sen. Elizabeth Warren, who helped create the framework for the modern CFPB, vowed to hold up Kathy Kraninger’s confirmation process […]

Trump Taps Kraninger to Replace Mulvaney at CFPB

Less than a week before a deadline that would have forced current Consumer Financial Protection Bureau acting director Mick Mulvaney to leave his post, President Trump formally nominated a candidate to replace him. Kathy Kraninger, who has worked under Mulvaney at the White House Office of Management and Budget, is officially Trump’s pick to lead […]

Mulvaney Could Soon Be Out as Acting Head of CFPB

When President Trump appointed Mick Mulvaney to serve as acting director of the Consumer Financial Protection Bureau, the term had a six-month expiration date — a day that’s rapidly approaching. Mulvaney can only serve until June 22, and the acting CFPB director recently had to remind the White House of that fact, according to a […]

Mulvaney Fires Entire CFPB Consumer Advisory Board

In a sweeping move, Consumer Financial Protection Bureau acting director Mick Mulvaney on Wednesday fired the bureau’s entire 25-member Consumer Advisory Board. A CFPB official told the board — comprised of prominent legal advocates, financial services executives, and other industry stakeholders — on a conference call that they were being dismissed and could not reapply for […]

Cordray Wins Ohio Primary, Trump Calls Him a ‘Socialist’

Former Consumer Financial Protection Bureau director Richard Cordray took one step closer to becoming the governor of Ohio on Tuesday, cruising to a victory in the state’s Democratic primary. Cordray defeated his main challenger, former U.S. Rep. Dennis Kucinich, by a 40-point margin. Most media outlets had framed the race as a battle between the […]

Mulvaney Promises CFPB Reform, End of ‘Regulation by Enforcement’

Mick Mulvaney on Wednesday used his time before Congress to declare the end of regulation by enforcement — all while insisting that he didn’t actually have to answer any questions. “Regulation by enforcement is done,” the acting director of the Consumer Financial Protection Bureau said during testimony before the House Financial Services Committee. “We’re not […]

New Jersey, Other States Look to Fill CFPB’s Regulatory Void

Faced with a changing landscape at the Consumer Financial Protection Bureau, one state’s Democratic elected officials are taking regulatory matters into their own hands. New Jersey Gov. Phil Murphy promised to create “a state-level CFPB” in his successful campaign last fall, and his attorney general recently framed the appointment of a new watchdog official as […]

Mulvaney Promises Change in Skinny New CFPB Report

Writing in the first semi-annual report to Congress issued under his leadership, Consumer Financial Protection Bureau acting director Mick Mulvaney continued to lay out his vision for a leaner, more hands-off agency. “Congress enumerated nine elements for inclusion in the bureau’s semi-annual reports to Congress,” Mulvaney wrote. “This semi-annual report precisely meets this mandate.” Clocking […]

CFPB Wants Input on Consumer Complaint Database

The Consumer Financial Protection Bureau issued yet another call for public commentary on its practices — this time about its controversial complaint report database. Starting March 7, any interested parties can tell the CFPB what they think about the database, which allows consumers to report issues with mortgage lenders, credit card companies, and other financial […]