Mulvaney Reportedly Stalls CFPB Probe of Equifax

Feb 05, 2018

Sen. Sherrod Brown (D-OH), the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, has published a 36-page report criticizing how Mick Mulvaney has run the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is reportedly slowing down its probe of the Equifax data breach, in stark contrast to other federal and state investigations.

According to a Reuters report that is attributed to anonymous “people familiar with the matter,” Acting Director Mick Mulvaney has not ordered any subpoenas against Equifax or sought sworn testimony from the Atlanta-based company’s executives. Furthermore, Mulvaney has yet to give the green light for on-the-ground tests of how Equifax protects customer data.

Equifax said it is now being investigated by all 50 state attorneys general and is dealing with more than 240 class action lawsuits as a result of the data breach. The Federal Trade Commission (FTC) has been conducting its own investigation of Equifax since September.

Reuters is also claiming that the CFPB under Mulvaney has declined offers from bank regulators at the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency to help with on-site exams of credit bureaus. This is a reversal of the request by former CFPB Director Richard Cordray for input from the bank regulators on cybersecurity exams at the credit bureaus. Cordray had also sought out to partner with the FTC in a probe of Equifax, but the two agencies are not currently working together.

About the author

Phil Hall

Link copied

Published

Feb 05, 2018

Courts

UWM Seeks More Than $500M From Two Harbors After Failed Deal

Lender alleges Two Harbors undermined their merger and steered the company toward CrossCountry, turning a costly acquisition failure into a federal court fight

The fight over Two Harbors Investment Corp. did not end when shareholders approved its sale to CrossCountry Mortgage.Now United Wholesale Mortgage wants damages.UWM Holdings Corp. and UWM Acquisitions 1 LLC sued Two Harbors in federal court Monday, seeking more than $500 mil...

Wholesale

UWM Offers LOs 90-Bps Incentive On One Agency Loan

Bullseye 90 can be applied to a conventional or government purchase or refinance loan through Sept. 8

United Wholesale Mortgage is giving each loan originator a one-time, 90-basis-point pricing incentive to use on a qualifying agency loan.The wholesaler’s new Bullseye 90 program applies to new locks from Aug. 5 through Sept. 8 on conventional, FHA, VA, and USDA purchase and ...

Nov

Pasadena, CA

More from

Regulation and Compliance

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Regulation and Compliance

Aug 10, 2026

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

Regulation and Compliance

Aug 06, 2026

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

Regulation and Compliance

Aug 05, 2026

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Regulation and Compliance

Aug 05, 2026

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3