The Consumer Financial Protection Bureau (CFPB) filed a settlement agreement with the U.S. District Court for the Northern District of California that outlines court-ordered deadlines for implementation of Section 1071 of the Dodd-Frank Act.
consumer financial protection bureau
Just hours before the start of the Labor Day long weekend, the Consumer Financial Protection Bureau (CFPB) released 2018 Home Mortgage Disclosure Act (HMDA) data. It is the most complete record of mortgage lending in the United States. The data showed non-banks extended their dominance of home lending and that banks essentially dropped out of the government-backed FHA program that helps low- and moderate-income (LMI) borrowers.
African Americans in the same neighborhoods decimated by subprime lending are now being targeted with new predatory loan offerings.
Deliberate efforts to undermine the CFPB will not only prove to be a raw deal for millions of Americans but can cause lasting damage to our economy.
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.
A trend has swept across government since Trump took office—a gutting of anti-discrimination measures across the financial services, including mortgages, car loans, payday loans, and more.
Born as a fiercely independent agency meant to protect citizens, the Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration. Banks, student-loan agencies and payday lenders are the winners.
The Consumer Financial Protection Bureau stripped the Office of Fair Lending of its enforcement powers. John Taylor, President and CEO of the National Community Reinvestment Coalition said, “I am appalled to see one of the most effective offices within the CFPB stripped of responsibility to stop redlining, predatory lending, and other discriminatory behavior by financial firms.”
“Opening up the floodgates on lending discrimination will damage the ability for people of color to build wealth,” said Debbie Goldstein, executive vice president of the Center for Responsible Lending.
The independent structure of the Consumer Financial Protection Bureau is constitutional, an appeals court ruled Wednesday in a blow to President Donald Trump’s efforts to ease regulations on the financial system.
PHH’s challenge to Consumer Financial Protection Bureau leadership structure rebuked by full Court of Appeals
The Consumer Financial Protection Bureau dropped an investigation triggered by a 2013 ProPublica story about a lender that charges triple-digit interest rates.
In the latest sign that the Consumer Financial Protection Bureau is pulling back from aggressive enforcement, it dropped an investigation triggered by a 2013 ProPublica story about a lender that charges triple-digit interest rates.
AmericanBanker, January 17, 2018: Mulvaney launches public review of entire CFPB The CFPB said it plans to publish a series of requests for information in the Federal Register in the coming weeks asking for the public to weigh in on the agency’s enforcement, supervision, rulemaking, market monitoring and education activities. “In this New Year, and under …
Mick Mulvaney intends to make all the drama surrounding his appointment as interim director of the Consumer Financial Protection Bureau worth it.