CFPB

Since electing to use reserve funds on hand at the Consumer Financial Protection Bureau (CFPB) to finance the agency’s expenses in the second quarter of 2018, acting director Mick Mulvaney begrudgingly has utilized his authority to request federal funds without having to go through Congress.

He reiterated in his previously contended belief that the bureau should be placed under congressional appropriations in his first-quarter funding request for 2019.

Find out more about how much the bureau asked for and how it compares to requests submitted by former Director Richard Cordray.

Policymakers and mortgage industry participants may benefit from the first public release of loan-level data collected by the Consumer Financial Protection Bureau and the Federal Housing Finance Agency.  The information includes insights about borrower experiences when getting a residential mortgage compiled quarterly in the agencies’ National Survey of Mortgage Originations (NSMO).

The NSMO is a component of the National Mortgage Database, which was launched in 2012 as the first comprehensive repository of detailed mortgage loan information based on borrower experiences obtaining a residential mortgage.

Find out more details about the publication of the survey data.

A federal court has ordered that a stay of the compliance date for the Consumer Financial Protection Bureau’s (CFPB) payday lending rule pending further notice.

The ruling comes following the bureau’s recent announcement that it will proceed with plans to revisit its rule regulating short-term, small-dollar loans.

Find out more details about the court’s decision and the industry’s reaction.

Banking agencies and other regulators are being urged to consider formal rulemaking to provide greater certainty pertaining to the use of supervisory guidance in examinations, which some industry advocates believe is too prevalent.

The letters note three reasons the banking trade organizations support the interagency policy statement but also detail their concerns about regulators’ perceived overreliance on guidance materials.

Find out more about why some industry organizations are calling for formal rulemaking to address this matter.

With the Consumer Financial Protection Bureau’s (CFPB) remittance rule turning 5 years old, the time has come for a Dodd-Frank Act-mandated assessment of the rule’s effectiveness in protecting consumers when sending remittance transfers to other countries.

In addition to evaluating the rule’s effectiveness, the report also provided information on its effects on the financial marketplace.

Find out what details the bureau uncovered about the rule’s impact.

Following up on acting director Mick Mulvaney’s previously stated intention to reconsider the agency’s payday lending rule, the Consumer Financial Protection Bureau has said it expects to issue proposed rules in January that would alter the rule’s ability to repay (ATR) requirements but not affect its payment provisions.

The bureau said it believes the ATR provisions hold “greater consequences” than other portions of the rule.

Find out more details about when the bureau plans to issue its proposed changes.

The Consumer Financial Protection Bureau’s (CFPB) more lenient approach to enforcement under acting director Mick Mulvaney, compared with that of former Director Richard Cordray, has been called out by critics but a recent settlement with a small-dollar lender presented something new for the Mulvaney-run bureau.

What is noteworthy about it consent order against Cash Express LLC is the fact that, for the first time under Mulvaney, the bureau cited an action as “abusive” when invoking its UDAAP authority.

Learn more details about what practices the bureau determined to be abusive and deceptive, respectively, per the consent order, and what restitution the company is liable to pay.

The Consumer Financial Protection Bureau (CFPB) is evaluating reports of possible unfair, deceptive or abusive acts or practices (UDAAP) levied against a Florida-based online lender related to a loan add-on product that ratchets up loan costs and has led to numerous defaults.

A Florida congressman said state regulators are investigating the matter in a letter urging acting director Mick Mulvaney to follow suit.

Find out more details about the allegations and what Mulvaney said in response to the congressman.

Consumer Financial Protection Bureau acting director Mick Mulvaney appeared Thursday at a field hearing in Baton Rouge, La., to discuss elder abuse.

In opening remarks to the audience, Mulvaney had his own family tale to tell about a senior scam.

Read on for more about Mulvaney’s family story, in addition to responses from audience questions about the Military Lending Act and Eric Blankenstein’s position with the fair lending division at the bureau.

Whereas rulemaking activity has been scarce since Mick Mulvaney took up interim director duties at the bureau, 2019 promises to be more eventful on that front, based on the agency’s Fall 2018 Unified Agenda for rulemaking.

Many of the rulemakings have been in the works since before Mulvaney came to the bureau, and others would reconsider aspects of rules that took effect under Richard Cordray’s tenure. The most noteworthy part, however, was the shelving of Dodd Frank-mandated 1071 rulemaking concerning small business lending data collection.

Find out more details about where the bureau stands on many highly anticipated rulemaking activities.