The Consumer Financial Protection Bureau is "perhaps the most unaccountable bureau or agency there is," says acting Director Mick Mulvaney, who is changing the approach. The bureau is "not being aggressive" but continues to enforce the law, Mulvaney says.
The US Court of Appeals for the District of Columbia Circuit has ruled managers of collateralized loan obligations are exempt from a post-crisis risk-retention requirement that issuers hold on to 5% of securities sold to investors. The ruling is expected to increase demand for highly leveraged corporate loans.
The Equifax data breach revealed in September exposed more consumer information than was originally reported, including tax identification numbers and phone numbers, Equifax said in documents given to the Senate banking committee. A forensic investigation led to the discovery, the company said.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, says the agency under his leadership is "taking a different attitude toward the job, but the priorities have not changed." Mulvaney says the lighter-handed approach is appropriate because the CFPB is "perhaps the most unaccountable bureau or agency there is."
Mistakes have occurred in the repayment process as Wells Fargo works to reimburse customers who were made to purchase auto insurance they did not need. Many customers were sent erroneous communications from the bank, and some have been notified of refunds despite not having purchased the insurance.
The Consumer Financial Protection Bureau will fulfill obligations outlined in the Dodd-Frank Act but will "go no further," according to an email from chief of staff Kirsten Sutton Mork to employees about a revised strategic plan. The plan is set to be released today.
The more than $200 million spent on renovating the Consumer Financial Protection Bureau office is one reason the agency needs an audit, writes Jenny Beth Martin, chairwoman of the Tea Party Patriots Citizens Fund. The CFPB has also spent $11 million annually renting an office and more than $43 million on PR, she writes.
ATMs in the US have alarms, hidden cameras and other security measures to thwart "jackpotting," security experts say. The Secret Service has issued a warning about the crime, which is more widespread in other countries.
Between 2012 and 2016, investment firms did not pay investors who won arbitration awards in up to 30% of cases, according to a Financial Industry Regulatory Authority report. More than $50 million was unpaid in 2012, dropping to $14 million in 2016, the report noted.
Mortgage rates have hit a high not seen in more than a year, Freddie Mac reports, with 30-year rates reaching an average of 4.32%, compared with 4.22% last month. Freddie Mac's deputy chief economist, Len Kiefer, says the uptick has not hurt demand.