Skip to main content

Are More Changes Coming to the CFPB?

Phil Hall
Jun 13, 2018
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

Two new reports are highlighting another round of changes impacting the Consumer Financial Protection Bureau (CFPB).
Two new reports are highlighting another round of changes impacting the Consumer Financial Protection Bureau (CFPB)
According to a Bloomberg report, CFPB Acting Director Mick Mulvaney told a press conference yesterday that President Trump is reviewing potential candidates to become the agency’s next Director. The White House has a June 22 deadline to nominate a replacement for Richard Cordray, who resigned last November to run for Governor of Ohio.
 
Mulvaney stated the White House will adhere to the June 22 deadline, but added he was not involved in the hiring process.
 
“Once they name a person I look forward to working with him or her to get that person up to speed,” said Mulvaney, who will be able to stay as Acting Director until a full-time replacement is confirmed by the Senate.
 
The new CFPB Director will be inheriting a significantly smaller agency. Mulvaney stated during his press conference that he would the Federal Reserve for $65.7 million to cover the CFPB’s operating costs for the fourth quarter, bringing his total budget requests for this year to $381 million. That sum is $200 million lower than the funding allocated to the CFPB in 2017. He added that he directed the agency’s staff to reduce its budget by 20 percent, although he stressed that would not include job cuts.
 
Also, the next Director may need to clarify the official name of the agency. The news site Vox published a Twitter photo by Alan Zibel, a researcher at the advocacy organization Public Citizen, that showed the acronym “BCFP” in the agency’s lobby. Mulvaney has taken it upon himself to shift the agency’s name to “Bureau of Consumer Financial Protection,” and a new logo with that name was recently introduced.
 
But the agency’s Web site and social media channels still refer to the CFPB name, and most media resources identify the agency as the “CFPB.”

 
Published
Jun 13, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021