CFPB: CashCall Owes $287 Million in Restitution, Penalties
The Consumer Financial Protection Bureau (CFPB) asked a federal judge in California on November 19th to hit CashCall with $287 million in restitution and penalties for making thousands of loans that borrowers were not legally obligated to repay. CashCall worked...
Yellen Leaving Fed in 2018 When Her Term as Chair Expires
Federal Reserve Chair Janet Yellen announced this week that she will be leaving the Federal Reserve Board entirely when her term as chair runs out in February 2018. She previously served as President of the San Francisco Fed before taking a vice-chair position in 2010...
OMB Head Mulvaney Expected to Lead CFPB for the Interim
With the recent news that current Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will step down by the end of the month, the Trump Administration is rumored to be considering Office of Management and Budget (OMB) Director Mick Mulvaney to manage...
Otting Confirmed as Comptroller of the Currency
Waiting patiently since his nomination back in June, former president and CEO of OneWest Bank Joseph Otting was confirmed by the Senate to become the next leader of the Office of the Comptroller of the Currency (OCC). At OneWest, Otting served with Treasury Secretary...
A Look At Early Favorites to Become the Next CFPB Director
With the news earlier this week that the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, would leave his post by the end of the month, members of the financial services industry and Washington insiders are already speculating on who might...
Native tribes and organizations: recent CFPB action could set dangerous precedent for tribally owned businesses, tribal sovereignty
Tribes and Native organizations join forces in letter to CFPB expressing concern about recent consent order November 16, 2017 WASHINGTON, DC – A recent Consumer Financial Protection Bureau (CFPB) action is deeply troubling for tribal sovereignty and...
Cordray Announces Resignation as CFPB Director
After months of speculation, the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, announced Wednesday, November 15 that he would be stepping down from his post by the end of the month. His announcement comes just days after an internal...
Subprime Auto Loans Driving Debt Rise, Face Regulatory Scorn
According to the New York Fed, household debt reached $13 trillion in the 3rd quarter of 2017. Home mortgages remain the bulk of that balance at $8.7 trillion, but a surprise industry caught the attention of the Fed- car loans. At the end of September, auto loans rose...
