Mulvaney’s Last Act at the CFPB

Mulvaney’s Last Act at the CFPB

← Previous Article Next Article → Mick Mulvaney, the former acting director of the Consumer Financial Protection Bureau (CFPB), issued a proposed rule change on “No-Action Letters” that has drawn praise from the financial sector and criticism from consumer...
CFPB to BCFP: A Change that Could Cost Millions of Dollars

CFPB to BCFP: A Change that Could Cost Millions of Dollars

← Previous Article Next Article → If the Consumer Financial Protection Bureau (CFPB) changes its name to the Bureau of Consumer Financial Protection (BCFP), it could end up costing businesses $300 million, according to an internal agency analysis leaked to...
Treasury Department Argues Against Postal Banking

Treasury Department Argues Against Postal Banking

← Previous Article Next Article → The U.S. Postal Service (USPS) should stay away from postal banking, according to a recently released report by the Department of Treasury. The report’s primary goal was to “identify a path for the USPS to operate under a...
Senate Confirms Kraninger as Director of the CFPB

Senate Confirms Kraninger as Director of the CFPB

← Previous Article Next Article → On December 6, the Senate voted along party lines to confirm Kathy Kraninger as the new director of the Consumer Financial Protection Bureau (CFPB). Kraninger will take over the federal agency from Mick Mulvaney, who has...
Appeals Court Upholds $1.3 Billion Award Against Scott Tucker

Appeals Court Upholds $1.3 Billion Award Against Scott Tucker

← Previous Article Next Article → The Ninth Circuit Court of Appeals upheld a $1.3 billion award against Scott Tucker’s loan companies, rejecting Tucker’s arguments that the loan agreements were not unfair or deceptive. In the published opinion, U.S. Circuit...
The Fed Voices Concern over Rising Corporate Debt

The Fed Voices Concern over Rising Corporate Debt

← Previous Article Next Article → The Federal Reserve (Fed) issued its first-ever Financial Stability Report where it praised the financial sector for being strongly capitalized while voicing concern over the historically high level of corporate debt. In the...
Trump’s Nominee to Lead the CFPB Advances in the Senate

Trump’s Nominee to Lead the CFPB Advances in the Senate

← Previous Article Next Article → The Senate voted to advance Kathy Kraninger’s nomination to lead the Consumer Financial Protection Bureau (CFPB). This procedural vote, which limits debate in the Senate, brings her one step closer to being the next director...
FDIC Seeks Outside Counsel for Operation Choke Point Suit

FDIC Seeks Outside Counsel for Operation Choke Point Suit

← Previous Article Next Article → Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation (FDIC), announced earlier this month that the FDIC would hire outside legal counsel to review actions taken by the agency during Operation Choke Point....
Algorithms Fail to Eliminate Consumer-lending Discrimination

Algorithms Fail to Eliminate Consumer-lending Discrimination

← Previous Article Next Article → Consumer discrimination continues in banking despite the advancement of algorithmic models used to automate the underwriting process, at least according to an academic study from Berkley. The study analyzed nearly 9 million...
Judge Rules in Favor of Tribal Lender BlueChip Financial

Judge Rules in Favor of Tribal Lender BlueChip Financial

← Previous Article Next Article → U.S. District Judge Robert J. Bryan has stayed a proposed class action lawsuit against tribal lender BlueChip Financial (BlueChip) until the Ninth Circuit Court of Appeals issues a final ruling on whether the company can...

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