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 […]

Recent CFPB Ruling Ends ‘Rulemaking Through Enforcement’

A recent federal court ruling affirmed the Consumer Financial Protection Bureau’s place in the financial regulatory framework, but the decision also contained a victory for the business community. “Rulemaking through enforcement efforts for past conduct is rejected,” Phil Schulman, a partner in the Washington, D.C. office of law firm Mayer Brown, said on a Thursday […]

Acting CFPB Director Settles In, Names Chief of Staff

The fight over his legitimacy is still active, but the acting director of the Consumer Financial Protection Bureau is building out his team. Mick Mulvaney on Tuesday announced the hiring of Kirsten Sutton Mork as the bureau’s chief of staff. Sutton Mork previously served as staff director of the House Financial Services Committee under its […]

CFPB ‘Here to Stay’ After D.C. Appeals Court Ruling

Financial industry leaders, hoping for an end to the Consumer Financial Protection Bureau — or at least the weakening of its regulatory power — through a long-running court case have to wait a while longer. The U.S. Court of Appeals for the D.C. Circuit on Wednesday ruled that the CFPB’s structure is constitutional, dealing a […]

CFPB Kicks Off Regulatory Review with Call for Public Comments

The Consumer Financial Protection Bureau’s acting director has begun to implement his plan to reshape the consumer watchdog’s mission, issuing the first in a string of requests for public comment on its actions last week. First on the docket: Civil investigative Demands, a kind of legal action in which the bureau asks companies to provide […]

Mulvaney: CFPB Should Explain Rules Before Enforcing Them

Consumer Financial Protection Bureau acting director Mick Mulvaney laid out his vision for the agency, promising a starkly different approach than the one developed under his predecessor. Referencing a quote in which former director Richard Cordray talked about how his department focused on “pushing the envelope,” Mulvaney drew a sharp contrast in a Tuesday opinion […]

CFPB Chief Declines Federal Reserve Funding for Quarter

The acting director of the Consumer Financial Protection Bureau declined funding from the Federal Reserve for the second quarter of fiscal 2018, marking yet another departure from his predecessor. “I have determined that no additional funds are necessary to carry out the authorities of the Bureau for FY 2018, Q2,” Mick Mulvaney wrote in a […]