Trump Tweets on Wells Fargo-CFPB Enforcement

Dec 11, 2017

While many Americans would love to see Donald Trump in the White House, the thought of having him as a next-door neighbor is not a surefire vote-gette

President Trump weighed in on matters relating to the Consumer Financial Protection Bureau (CFPB), tweeting out his insistence that his administration would not let Wells Fargo off the hook for alleged violations of mortgage lending regulations.

In a tweet on Friday, the president stated: “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!”

Trump appeared to be responding to a Reuters report that the CFPB under Mick Mulvaney, his appointed acting director, was taking a second look at the CFPB enforcement actions against Wells Fargo, which was charged with improperly charging some mortgage customers special fees in relation to lower mortgage rates. Wells Fargo and the CFPB came to a settlement prior to the resignation of Richard Cordray as the agency’s director.

However, the president has no authority to determine CFPB policy—the agency is designed as an independent regulator and not a department within the Executive Branch. John Czwartacki, a senior adviser at the CFPB, said in a statement that while the agency cannot comment about ongoing enforcement matters, “as matter of principle, Acting Director Mulvaney shares the President’s firm commitment to punishing bad actors and protecting American consumers.”

About the author

Phil Hall

Link copied

Published

Dec 11, 2017

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

The September jobs report gave the mortgage market something it hasn't had much of lately: downward pressure on Treasury yields.U.S. employers added just 29,000 jobs in September, while the unemployment rate edged up to 4.2%, according to the Bureau of Labor Statistics. The ...

Wholesale

The Loan Store Rebrands As Averra Financial

The wholesale lender is adopting a new identity three years after acquiring Homepoint’s wholesale business and rising to No. 4 in industry rankings

The Loan Store has a new name after a three-year expansion that transformed the once-small wholesale lender into one of the largest players in the broker channel.The Tucson, Arizona-based lender has rebranded as Averra Financial Inc., effective immediately, the company annou...

Nov

Houston, TX

More from

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Analysis and Data

Oct 02, 2026

Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Analysis and Data

Oct 01, 2026

Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Analysis and Data

Sep 29, 2026

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Analysis and Data

Sep 25, 2026

Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Analysis and Data

Sep 25, 2026

Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Tech

Sep 23, 2026

Popular