The Consumer Financial Protection Bureau (CPFB) was originally created by congress (Elizabeth Warren lead) as a quasi-constitutional watchdog agency to reach into the banking and financial system, under the guise of oversight, and extract money by fining entities for CFPB defined regulatory and/or compliance violations…
CFPB Settles with Citibank on Overcharging Credit Card Rates…
The Consumer Financial Protection Bureau said Friday that it had reached a settlement with Citibank over the bank’s overcharging of customers on credit card rates. The bank will avoid civil penalties, on the grounds that it first reported the problem to the bureau and took steps to remediate it. Instead, the CFPB required the bank […]
Obama Bureaucracy Left Our Private Data More Vulnerable Than Ever…
Without your knowledge or permission, the Obama administration collected and warehoused your most private bank records and continued to sweep them up — despite repeated warnings the data wasn’t being properly protected. Now there’s a good chance your personal information could be in the hands of identity thieves or even terrorists. The government isn’t sure […]
A Big Dispute over Agency Power Looks Primed for Supreme Court Review…
The Washington-based federal appeals court affirmed the legality of the Consumer Financial Protection Bureau’s (CFPB) leadership structure in a 6-3 vote Wednesday, likely sending a major dispute over agency power to the Supreme Court. Judge Nina Pillard wrote the court’s main opinion. Judges Karen Henderson, Brett Kavanaugh, and Raymond Randolph dissented. All three are Republican […]
Mick Mulvaney Tells Employees CFPB Will No Longer ‘Push the Envelope’…
Acting Consumer Financial Protection Bureau Director Mick Mulvaney told the agency’s employees Tuesday that the agency no longer will “push the envelope” in policing private companies, suggesting in an agency-wide memo that he plans to reverse course from the one set out by departed director and Obama appointee Richard Cordray. “Simply put, the days of […]