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Tag Archives: CFPB

CFPB Plans To Get Rid Of Most Payday Lending Consumer Protections – Talking Points Memo

NEW YORK (AP) – The nation's federal financial watchdog said it will be abolishing most of its critical consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the government's Regulations could be a big chunk of its business. It's also a big loss for consumer groups, who say payday lenders exploit …

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The war is over: Mulvaney no longer has this headache at the CFPB

Mick Mulvaney, Director of Management and Budget, is no longer busy with this headache: the leadership challenge at the Tax Bureau for Consumer Protection is over. The OMB director has been responsible for the CFPB since last November, which was transformed into another front by Trump in the War of Resistance against the White House. The then director Richard Cordray …

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Citi avoids CFPB Fine for over-charging cardholders $ 335 million

Citigroup Inc. has taken a break from the Consumer Financial Protection Bureau and avoided a fine after unadapting cardholder payments and costing more than $ 335 million The agency, which is being redesigned under President Donald Trump, has canceled to the decision Friday. It informed the lender that it had discovered the error by alerting the regulators and submitting it …

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Court holds Ocwen records sealed in CFPB dispute over trust accounts

Ocwen Financial is able to keep secret the answers to questions from the Consumer Financial Protection Bureau about the improper treatment of fiduciary accounts, a federal judge ruled. The CFPB had argued that Ocwen's report responds to how it manages fiduciary accounts should not be sealed because of the significant public interest in the government's enforcement action, and they contained …

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Warren asks if Mulvaney also prefers some lobbyists at CFPB

Senator Elizabeth Warren asks a subtle question about Mick Mulvaney's claim that he has favored lobbyists who donated money for his political campaigns during his time in Congress. Now the former GOP lawmaker heads the Consumer Financial Protection Bureau, a regulator designed to protect borrowers from pirate loans, does he prefer the same lobbyists? "Almost every one of your key …

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CFPB beats Wells Fargo with $ 1 trillion fine

22nd April 2018 | by Alex Spanko | HECM, News, reverse mortgage, Wells Fargo Wells Fargo (NYSE: WFC) has to pay a $ 1 billion fine for its car loan and interest rate cutbacks, the consumer protection agency announced late last week. The colossal punishment comes when the CFPB has generally eased its enforcement efforts under the Trump administration and …

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Mulvaney supports CFPB in bipartisan commission

. 11 April 2018 17:12 ET WASHINGTON – Deputy Director of the Consumer Finance Bureau expressed his support for transforming the agency into a commission, an idea that is firmly supported by the financial industry but has lost traction in Congress. Mick Mulvaney, a longtime CFPB critic who has taken steps to overtake the office since taking office in November …

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