Consumer Financial Protection Bureau (CFPB)

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Addie
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Consumer Financial Protection Bureau (CFPB)

#1

Post by Addie » Wed Apr 11, 2018 10:49 am

Vox
The government’s top consumer watchdog hasn’t taken a single enforcement action since Trump’s pick took over

It’s been 135 days since Mick Mulvaney took over at the Consumer Financial Protection Bureau, the US government’s top consumer watchdog.

During that time, according to the Associated Press’s Ken Sweet, he has not taken a single enforcement action against any bank, lender, credit card company, or any other entity within his purview. Nothing.

Mulvaney, the Office of Management and Budget director who took over as interim CFPB director in November after Richard Cordray stepped down, has made no secret of his distaste for the agency he temporarily runs.

Mulvaney, who once described the CFPB as a “sick, sad” joke, has sought to rein in the agency and overhaul its mission. Since taking over, he has reportedly scaled back an investigation into the Equifax data breach, relaxed restrictions on often predatory payday lenders, and recommended Congress pursue sweeping changes to the CFPB’s powers.

The AP report points out another area where Mulvaney is taking a hatchet to the CFPB — or, rather, sitting on his hands: The agency under Mulvaney has not pursued a single enforcement action since he took over. It has imposed no fines or penalties, required no fixes or redress, and filed no lawsuits against bad actors.


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Re: Consumer Financial Protection Bureau (CFPB)

#2

Post by Sunrise » Wed Apr 11, 2018 5:08 pm

In other words, he's doing exactly what the DOTUS wanted him to do. :madguy: :smokeears:


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Re: Consumer Financial Protection Bureau (CFPB)

#3

Post by Addie » Wed Apr 11, 2018 5:56 pm

Vanity Fair
Mick Mulvaney Buries Elizabeth Warren’s Dreams in a Shallow Grave

The C.F.P.B.’s acting director isn’t even pretending to protect consumers.


Until 135 days ago, the mission of the Consumer Financial Protection Bureau was pretty straightforward: to protect consumers from abuses in the financial sector. With jurisdiction over payday lenders, banks, credit unions, debt collectors, mortgage-servicing operations, and other companies within the U.S., one of the most important and effective tools in the C.F.P.B.’s arsenal was enforcement actions, wherein the bureau would fine bad actors and return money to consumers who’d been ripped off. Under Obama-era director Richard Cordray, the agency issued an average of two to four enforcement actions per month, ultimately returning $3.97 billion in cash to American consumers, plus an additional $7.93 billion through things like lower loan balances or debt relief. In one instance, Bank of America was forced to return $727 million to consumers over deceptive credit card practices; smaller enforcement actions aided victims of debt collection, student borrowers, and bank customers. By C.F.P.B.’s estimate, roughly 1 in 10 Americans have received some kind of reimbursement or other type of redress since the bureau was created. But since Cordray resigned and Donald Trump installed Mick “Some of us would like to get rid of the C.F.P.B.” Mulvaney in his place, things have changed ever so slightly. Instead of two to four enforcement actions each month, the C.F.P.B. is now issuing none—as in zero, nothing, nil, nada, zilch, zip, not one, not two, but diddly-freaking-squat.

According to a report by the Associated Press, a Freedom of Information request shows the bureau has literally not issued a single enforcement action since the Trump administration took it over 135 days ago. To be fair, no one was laboring under the assumption that Mulvaney, who as a South Carolina representative called the C.F.P.B. a “sick, sad joke” and co-sponsored legislation to get rid of it, would run the place in the same manner as his predecessor. In ole Mick’s few short months there, he’s already eased restrictions on loan sharks; pulled back from an investigation into a data breach that affected nearly half of all Americans; and told Senator Elizabeth Warren, who came up with the idea for the C.F.P.B. in the first place, to zip it and let him take a hacksaw to the agency in peace. But one assumed that Mulvaney would issue an enforcement action or two, if only to stave off the impression that he’s completely controlled by the financial industry. However, such is not the case!

In a statement, the C.F.P.B. claimed the slowdown is due to a new administration taking over, saying, “it is our job to enforce the law, and we take it very seriously.” (Incidentally, the bureau’s work continued without interruption for Trump’s first 11 months in office.) As the A.P. notes, “this is the longest stretch without enforcement actions in the C.F.P.B.’s history.” Lauren Saunders, associate director at the National Consumer Law Center, told reporter Ken Sweet that enforcement is “one of the most important parts of C.F.P.B., because of the signals it is able to send to markets . . . If a company violates the law, it needs to be held accountable and called out.”

Senator Warren has yet to issue a statement on Mulvaney’s record of zero enforcements, but there’s a chance she’s saving up her best material for later this week, when the acting director will appear for a two-day hearing before Congress. In January, the senator from Massachusetts told the Hive it was clear Mulvaney was “more interested in doing the bidding of big banks than standing up for American families,” adding that she found the turn of events at her brainchild agency to be “disgraceful.” Presumably, ole Mick can expect a similar verbal disemboweling come Wednesday.


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Re: Consumer Financial Protection Bureau (CFPB)

#4

Post by Volkonski » Wed Apr 25, 2018 10:54 am

Welcome to Trump's swamp. :madguy:

Mulvaney, Watchdog Bureau’s Leader, Advises Bankers on Ways to Curtail Agency

https://www.nytimes.com/2018/04/24/us/m ... ureau.html
Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, told banking industry executives on Tuesday that they should press lawmakers hard to pursue their agenda, and revealed that, as a congressman, he would meet only with lobbyists if they had contributed to his campaign.

“We had a hierarchy in my office in Congress,” Mr. Mulvaney, a former Republican lawmaker from South Carolina, told 1,300 bankers and lending industry officials at an American Bankers Association conference in Washington. “If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.”

At the top of the hierarchy, he added, were his constituents. “If you came from back home and sat in my lobby, I talked to you without exception, regardless of the financial contributions,” said Mr. Mulvaney, who received nearly $63,000 from payday lenders for his congressional campaigns.

Mr. Mulvaney, who also runs the White House budget office, is a longtime critic of the Obama-era consumer bureau, including while serving in Congress. He was tapped by President Trump in November to temporarily run the bureau, in part because of his promise to sharply curtail it.


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Re: Consumer Financial Protection Bureau (CFPB)

#5

Post by Addie » Wed Apr 25, 2018 10:59 am

I hate this so much :evil:


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Re: Consumer Financial Protection Bureau (CFPB)

#6

Post by Volkonski » Wed Apr 25, 2018 11:27 am

Freedom Caucus chairman seeks clarification from Mulvaney on lobbyist comments

http://thehill.com/homenews/house/38479 ... t-comments
“I’ve got to call Mick to ask him for clarification on that,” Meadows told reporters. “I wouldn’t know if a lobbyist has given me a dime or ten times.”

“If you have someone who comes in the door and it’s based on how much money they’ve given,” he added, “that’s a problem.”

Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), on Tuesday told a Washington conference of more than 1,000 bankers that he would always value his South Carolina constituents over lobbyists, but he made headlines for also saying he would likely only meet with a lobbyist if they donated money to his campaign.


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Re: Consumer Financial Protection Bureau (CFPB)

#7

Post by Tiredretiredlawyer » Wed Apr 25, 2018 12:50 pm

Volkonski wrote:
Wed Apr 25, 2018 11:27 am
Freedom Caucus chairman seeks clarification from Mulvaney on lobbyist comments

http://thehill.com/homenews/house/38479 ... t-comments
“I’ve got to call Mick to ask him for clarification on that,” Meadows told reporters. “I wouldn’t know if a lobbyist has given me a dime or ten times.”

“If you have someone who comes in the door and it’s based on how much money they’ve given,” he added, “that’s a problem.”

Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), on Tuesday told a Washington conference of more than 1,000 bankers that he would always value his South Carolina constituents over lobbyists, but he made headlines for also saying he would likely only meet with a lobbyist if they donated money to his campaign.
Mark Meadows has a problem with this! Wowza!


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Re: Consumer Financial Protection Bureau (CFPB)

#8

Post by tek » Wed Apr 25, 2018 5:05 pm

“We had a hierarchy in my office in Congress,” Mr. Mulvaney, a former Republican lawmaker from South Carolina, told 1,300 bankers and lending industry officials at an American Bankers Association conference in Washington. “If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.”
oops.. not supposed to say the secret parts out loud.. :brickwallsmall:


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Re: Consumer Financial Protection Bureau (CFPB)

#9

Post by tencats » Mon Aug 27, 2018 2:55 pm

Nation’s Top Student Loan Official Resigns
“The damage you have done to the Bureau betrays these families and sacrifices the financial futures of millions of Americans in communities across the country,” Seth Frotman said. :(
EDUCATION 08/27/2018 11:27 am ET
https://www.huffingtonpost.com/entry/co ... 327dfea0b2
NEW YORK — The top government official overseeing the $1.5 trillion student loan market resigned Monday, citing what he says is the White House’s open hostility toward protecting the nation’s millions of student loan borrowers.

Seth Frotman will be stepping down from his position as student loan ombudsman at the end of the week, according to his resignation letter which was obtained by The Associated Press. He held that position since 2016.
:snippity:
Under Mulvaney, the bureau has scaled back its enforcement work and has proposed revising or rescinding all of the rules and regulations it put into place under the Obama administration. Mulvaney downgraded the mission of Frotman’s student loan office and moved it the umbrella of consumer education instead of enforcement.
Read more at https://www.bloomberg.com/news/articles ... al-resigns



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Re: Consumer Financial Protection Bureau (CFPB)

#10

Post by TollandRCR » Mon Aug 27, 2018 3:09 pm

Democrats will have to rebuild this function and this agency. I don't really understand why the Trumpsters have gone after this except that Obama created it. Maybe it is the generalized a anti-consumer bias of this maladministration. Expect vetoes from the OSG.

Gibbons are nice people and rather endangered. I am going to find another sobriquet. Fat and artificial should show up.


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Re: Consumer Financial Protection Bureau (CFPB)

#11

Post by Sunrise » Mon Aug 27, 2018 3:14 pm

TollandRCR wrote:
Mon Aug 27, 2018 3:09 pm

Gibbons are nice people and rather endangered. I am going to find another sobriquet. Fat and artificial should show up.
Tollie, I just saw this one; Emperor Baby Hands or EBH. I may start using it myself since it’s shorter than typing EGOTUS
(which came from Suranis).


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Re: Consumer Financial Protection Bureau (CFPB)

#12

Post by TollandRCR » Mon Aug 27, 2018 3:18 pm

EGOTUS captures more of what I hate abiut Trump. But it does not capturr him as a fat lying blob.


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Re: Consumer Financial Protection Bureau (CFPB)

#13

Post by Ben-Prime » Tue Aug 28, 2018 6:31 am

Off Topic
Sunrise wrote:
Mon Aug 27, 2018 3:14 pm
TollandRCR wrote:
Mon Aug 27, 2018 3:09 pm

Gibbons are nice people and rather endangered. I am going to find another sobriquet. Fat and artificial should show up.
Tollie, I just saw this one; Emperor Baby Hands or EBH. I may start using it myself since it’s shorter than typing EGOTUS
(which came from Suranis).
I've been using 'Individual-1', lately. I know it's a long-form nickname, but I invoke the precedents of all of our Sovrun acquaintances -- it's appeared in court papers, so that makes it sanctified and legit.


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