Tag Archives: Consumer Financial Protection Bureau

Democrats lash out at CFPB over Equifax case

Source: Houston Chronicle

“Democratic lawmakers lashed out at the Consumer Financial Protection Bureau on Monday amid a report that the agency was backing off an investigation into a massive data breach at Equifax last year that exposed sensitive data about millions of people. Reuters news agency, citing former officials familiar with the probe, reported that the CFPB has not taken routine steps to move forward with an investigation into the incident, including ordering subpoenas or seeking sworn testimony from Equifax executives. The report stirred an immediate backlash from Democratic lawmakers, who have feared that President Donald Trump’s pick to temporarily lead the agency, Mick Mulvaney, was weakening the consumer watchdog.” (02/05/18)

https://www.chron.com/business/economy/article/Democrats-lash-out-at-consumer-watchdog-over-12553841.php

Trump regime strips CFPB of enforcement powers in lending discrimination cases

Source: Washington Post

“The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms accused of breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post. The move comes about two months after President Trump installed his budget chief, Mick Mulvaney, at the head of an agency that has long [sic] been in the crosshairs of Republicans. The Office of Fair Lending and Equal Opportunity had placed penalties on lenders that it said had systematically imposed interest rates on minorities that were higher than those for whites.” [editor’s note: The CFPB racket was established in 2011. It’s not old enough to have been “long in” anything, including Republican crosshairs – TLK] (02/01/18)

https://www.washingtonpost.com/news/business/wp/2018/02/01/trump-administration-strips-consumer-watchdog-office-of-enforcement-powers-against-financial-firms-in-lending-discrimination-cases/

Mulvaney requests no funding for feds’ “Consumer Financial Protection” racket

Source: Politico

“Every quarter, the Consumer Financial Protection Bureau formally requests its operating funds from the Federal Reserve. Last quarter, former director Richard Cordray asked for $217.1 million. Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that. And Wednesday, President Donald Trump’s acting CFPB director, Mick Mulvaney, sent his first request to the Fed. He requested zero. In a letter to Fed Chair Janet Yellen obtained by POLITICO, Mulvaney wrote that the bureau has $177 million in the bank, enough to cover the $145 million the bureau has budgeted for its second quarter. Cordray had maintained a ‘reserve fund’ in case of overruns or emergencies, but Mulvaney said he didn’t see any reason for it, since the Fed has always given the bureau the money it needs.”

https://www.politico.com/story/2018/01/18/mulvaney-funding-consumer-bureau-cordray-345495

Credit due: To Congress and the president for de-litigating financial contracts

Source: Heartland Institute
by Billy Aouste

“Behold the very awful Obama holdover Richard Cordray — STILL head of the very awful Consumer Financial Protection Bureau (CFPB): ‘CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts.’ Get that? The unelected Cordray and his unelected bureaucrats — (further) inserted the government into every single financial contract negotiation to ever again occur. And banned something — from every financial contract ever again drafted anywhere in the United States. That’s not HUGE government or anything. Does the Constitution expressly empower the government to do this? Heavens no. Did the Congress pass legislation — that ignores the Constitution and empowers the government to do this? Heavens no — not even that. The very awful Cordray and his fellow CFPB Swamp Creatures — simply empowered themselves, and the tens of thousands of bureaucrats to follow. … Thankfully, Trump and this Congress are bailing the water Cordray and the CFPB are drilling holes in the boat to bring on board.” (11/05/17)

http://blog.heartland.org/2017/11/credit-due-to-congress-and-the-president-for-de-litigating-financial-contracts/

Cutting off consumers

Source: Competitive Enterprise Institute
by Daniel Press

“The Consumer Financial Protection Bureau just released a new rule against payday loans, but instead of helping consumers avoid some pitfalls of borrowing, it will create serious problems for them. For starters, in the wake of the Equifax scandal that exposed millions of Americans’ personal data to hackers, the regulation plans to put millions more at risk. The new rule mandates that lenders collect and share sensitive customer data with credit reporting agencies, including Equifax. This unnecessarily puts an enormous amount of customer data at risk, but the CFPB doesn’t see it this way.” (10/11/17)

https://cei.org/content/cutting-consumers

Consumers harmed by Consumer Protection Bureau — again

Source: Competitive Enterprise Institute
by Iain Murray

“Yesterday, the Consumer Financial Protection Bureau issued yet another rule that will harm consumers. A new rule on small dollar loans will kill off about 75 percent of the existing small dollar loan industry, according to the Bureau’s own figures. Yet the Bureau and its boosters like to talk about how much it is helping consumers, cracking down on wrong-doers and returning money to consumers. What they don’t admit is that regulators are making life difficult for many consumers — especially those on the margins of the banking system. Or that regulators missed the biggest frauds and missteps, like the Equifax security breach, until many consumers were harmed. Taken together, these problems mean that the CFPB may be doing as much harm as good.” (10/06/17)

https://cei.org/content/consumers-harmed-consumer-protection-bureau-again