Consumer Financial Protection Bureau

Trump Administration's Latest Strike On CFPB: Budget Cuts

6:30pm February 18, 2018

by Chris Arnold

Proposed cuts in funding for the Consumer Financial Protection Bureau come amid questions about a Trump appointee softening the agency's stance on payday lenders. Democrats vow to fight the cuts.

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Office of Management and Budget Director Mick Mulvaney is also the interim director of the Consumer Financial Protection Bureau.

Trump Administration Plans To Defang Consumer Protection Watchdog

5:53pm February 12, 2018

by Chris Arnold

The new head of the Consumer Financial Protection Bureau is making the agency less aggressive in its mission. A new plan calls for it to fulfill "its statutory responsibilities, but go no further."

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Mick Mulvaney, a former Republican lawmaker and current White House budget chief, was also picked as interim head of the Consumer Financial Protection Bureau.

Under Trump Appointee, Consumer Protection Agency Seen Helping Payday Lenders

6:25pm January 24, 2018

by Chris Arnold

As a congressman, Mick Mulvaney accepted donations from payday lenders. Now he's in control of the Consumer Financial Protection Bureau, which has delayed implementing payday lending rules.

Starting this week, there are two people appointed to the job of acting director of the CFPB, and it's unclear who will get to stay. Mick Mulvaney, President Trump's current budget director and pick for the position, has gone on the record supporting the

What The Upheaval At A Federal Consumer Watchdog Could Mean For Students

9:27am November 28, 2017

by Anya Kamenetz

The Consumer Financial Protection Bureau has been a clearinghouse for student borrower complaints. Its future is now in question.

Mick Mulvaney, director of the Office of Management on Friday was named acting director of the Consumer Financial Protection Bureau. Before resigning as director of the CFPB earlier in the day, Richard Cordray named his own interim successor.

Trump Names His Budget Chief As Interim Head Of Consumer Protection Agency

10:03pm November 24, 2017

by Avie Schneider

President Trump named Mick Mulvaney as acting director of the Consumer Financial Protection Bureau on Friday, the same day outgoing director Richard Cordray named his own interim successor.

Richard Cordray, who was appointed by President Barack Obama, is stepping down as head of the Consumer Financial Protection Bureau.

Richard Cordray Stepping Down As Head Of U.S. Consumer Protection Agency

2:39pm November 15, 2017

by Avie Schneider

The embattled director of Consumer Financial Protection Bureau says he will resign by the end of November. Cordray was a frequent target of Republican lawmakers for his tough stance on banks

Richard Cordray, director of the Consumer Financial Protection Bureau, testifies before a Senate committee last year. The Trump administration is trying to bring the independent bureau under the president's direct control.

Trump Administration Files Motion Aimed At Controlling Consumer Protection Agency

8:25pm March 17, 2017

by Barbara Campbell

The Consumer Financial Protection Bureau is in the executive branch, but the president doesn't control it, which he says is unconstitutional. Agency supporters say independence is its strength.

Federal Agency Says Consumers Feel Threatened By Debt Collectors

8:06pm January 12, 2017

by Yuki Noguchi

A survey by the Consumer Financial Protection Bureau finds that more than 1 in 4 Americans contacted by collectors feel threatened. The bureau is revamping rules for the industry.

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Wells Fargo CEO Discusses Secret-Accounts Scandal In Senate Hearing

12:05pm September 20, 2016

by Doreen McCallister

CEO John Stumpf apologized for betraying customers' trust in a hearing by the Senate Banking Committee to answer questions about Wells Fargo employees opening unauthorized customer accounts.

Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

2:44pm September 08, 2016

by Bill Chappell

The Consumer Financial Protection Bureau has levied its largest-ever fine on Wells Fargo for "the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts."