Tag: CFPB

U.S. Rep. Andy Ogles Sends Four Letters to the House Appropriations Committee

Kaitlin Housler

Tennessee U.S. Representative Andy Ogles (R-TN-05) sent four letters to the House Appropriations Committee on Friday advocating for the defunding of “America-last directives” as the committee works on funding accounts for the remainder of fiscal year (FY) 2024.

In one letter to the Subcommittee on Homeland Security, Ogles requests that a provision be added to any upcoming spending legislation prohibiting President Joe Biden’s recent executive order granting Deferred Enforced Departure to Palestinians in the U.S. for 18 months.

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DEI Disaster: Wells Fargo Employees Say Bank Targeted Hispanics with Predatory Lending Practices

ADN America

Wells Fargo, one of the largest banks in the United States is facing a lawsuit from its Hispanic employees that accuses the centuries old bank of engaging in predatory lending practices against customers of the same ethnic origin.

The lawsuit, filed June 30 in a Texas federal court, accuses Wells Fargo of pressuring Hispanic employees in San Antonio to redirect Latino customers away from home equity lines of credit to more expensive but profitable refinancing options without furnishing the usual disclosures, according to a complaint filed in court.

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Tennessee U.S. Representative Andy Ogles Sends Letter to the Consumer Financial Protection Bureau Expressing Opposition to its Nonbank Registry

Kaitlin Housler

Tennessee U.S. Congressman Andy Ogles (R-TN-05) led a group of House Financial Services Committee Republicans in sending a letter to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra expressing opposition to a proposal from the bureau to establish a nonbank registry.

It was announced last December that the CFPB proposed a rule to identify repeat financial law violators by creating a database of enforcement actions against certain nonbank-covered entities. According to the proposed rule, certain nonbank entities must register with the bureau and provide regular updates on their covered orders.

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Pennsylvania Community Bankers Worried About New Regulation’s Impact on Small Business

Bradley Vasoli

A new data-reporting rule issued by the Consumer Financial Protection Bureau (CFPB) has Pennsylvania’s community bankers worried about its implications for them and the businesses they serve. 

The regulation requires lenders making at least 100 small business loans annually to gather data regarding the entities’ applications, including credit prices, geographic figures, lending determinations and demographic information. The banks must then publish the data they collect. Entities meeting the definition of “small business” are those with gross revenues under $5 million in their last fiscal year. 

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Supreme Court to Decide Fate of Controversial Consumer Financial Protection Bureau

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The Supreme Court announced Monday it would take up a case challenging the Consumer Financial Protection Bureau’s (CFPB) funding mechanism on constitutional grounds.

On Oct. 19, 2022, the U.S. Court of Appeals for the 5th Circuit ruled that funding the CFPB through the Federal Reserve violates the Constitution’s Appropriations Clause, which gives Congress the “power of the purse” in appropriating government funds. The CFPB filed a petition for a writ of certiorari on Nov. 14, 2022, which the Supreme Court granted Monday morning.

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GOP Senators Claim Biden Appointee Has Turned Consumer Protection Bureau into a ‘Lawless and Unaccountable’ Agency

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Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”

Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.

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Biden Reportedly Taps Warren Ally Rohit Chopra to Lead Consumer Financial Protection Bureau

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President-elect Joe Biden will reportedly nominate Rohit Chopra, an ally of Massachusetts Sen. Elizabeth Warren, to lead the Consumer Financial Protection Bureau.

Chopra is a member of the Federal Trade Commission (FTC), and if confirmed by the Senate would take over an agency that he helped create alongside Warren approximately a decade ago. Chopra’s selection was first reported by Politico, which cited four individuals with knowledge of the decision.

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Commentary: Elizabeth Warren’s ‘Consumer Protection’ Scam

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Senator Elizabeth Warren (D-MA) may no longer be running for president, but her agency lives on.

The Consumer Financial Protection Bureau (CFPB) doesn’t want to be controlled by the Trump Administration. The Supreme Court might end the agency’s streak of independence later this year. Ostensibly, the CFPB aims to protect ordinary Americans from untoward business practices. Instead, it only advances left-wing causes and identity politics.

Warren proposed the CFPB in 2007 when she was a Harvard law professor. President Barack Obama established it in 2010. It is supposed to protect Americans from malpractice in the financial industry, yet the CFPB’s main task during the Obama Administration was fighting “disparate impact.” Disparate impact is a legal concept that considers racially disproportionate outcomes as evidence of discriminatory policies, even if the policies had no discriminatory intent and were administered objectively.

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Richard Cordray, Dem Candidate for Ohio Governor, Hopes to Continue Monitoring Consumers Just Like He Did at CFPB

Anthony Gockowski
Richard Cordray

Democratic-hopeful Richard Cordray recently announced in his bid for Ohio’s governor seat that he intends to enact failed policies from his time at the Obama administration’s Consumer Financial Protection Bureau (CFPB). In April, it was revealed that under Cordray’s direction the CFPB allegedly faced at least 1,000 different hacks, including 240 data breaches, while the bureau was in the process of gathering 991 million American credit card accounts, The Daily Caller reported. During a 2014 hearing, Cordray explained that his agency was “collecting aggregated information,” and was unable to guarantee that “consumer information is 100 percent secure.” Acting Director Mick Mulvaney confirmed Cordray’s comments while testifying before Congress in April, saying that “everything” the CFPB collects is “subject to being lost.” The CFPB has been at the center of controversy ever since its 2011 founding, and was criticized in November by President Trump’s Treasury Department as having an “unaccountable structure.” “The CFPB was created to pursue an important mission, but its unaccountable structure and unduly broad regulatory powers have led to regulatory abuses and excesses,” the Treasury stated in a report, according to USA Today. “The CFPB’s approach to enforcement and rulemaking has hindered consumer choice and access to credit,…

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Seven Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less Awful

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Kathy Kraninger

by Norbert Michel   The Trump administration has nominated Kathy Kraninger to be the next director of the Consumer Financial Protection Bureau, and Roll Call reports that her confirmation hearing was “as politically contentious as it’s gotten in the last year and a half” on the otherwise “senatorial Senate Banking Committee.” Ignore the political drama. The real story is the fact that the Bureau has been making some very positive changes under acting director Mick Mulvaney, a founding member of the House Freedom Caucus. To be clear, the Bureau should not exist. It was created based on the false premise that there was insufficient consumer protection law prior to the 2008 crisis, and that evil lenders preying on unsuspecting borrowers caused the mortgage meltdown. Mortgages are not, despite Sen. Elizabeth Warren’s claims, anything like faulty toasters, and more than 20 federal consumer financial protection statutes existed prior to 2008. Furthermore, the crisis itself was caused by too much government, not too little. Congress should never have created a new federal agency, much less one with the bizarre (possibly unconstitutional) structure that it gave the CFPB. At best, Congress should have consolidated authority for the 20-plus federal consumer financial protection statutes that existed prior to 2008 at the Federal…

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Trump Taps Kraninger for Consumer Protection Post

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Kathy Kraninger

President Donald Trump plans to nominate Kathy Kraninger, associate director of the Office of Management and Budget, to head the Consumer Financial Protection Bureau, which seeks to prevent financial abuses to consumers. In a statement Saturday, the White House said Kraninger would continue the efforts of the current CFPB chief, Mick Mulvaney, to scale back the agency’s regulatory ambitions while continuing efforts to keep financial fraud in check. Mulvaney, who is the president’s budget director, had filled the role in an actingcapacity, replacing Richard Cordray, an appointee of former President Barack Obama who had led the agency from 2012 until his retirement last year. The CFPB was formed in the wake of the U.S. financial crisis of 2007-08, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its duties are to protect consumers from fraud by banks, credit unions, securities firms, payday lenders, foreclosure relief servicesand other financial companies. Kraninger is currently associate director for general government programs with the Office of Management and Budget, which oversees government spending.           VOA News

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Mulvaney Proposes Congressional Oversight of Consumer Financial Protection Bureau

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President Trump’s acting head of a federal consumer bureau proposed Monday to bring congressional oversight to the Obama-era agency that’s often criticized for its far-reaching regulating of the lending industry. Mick Mulvaney, installed by Mr. Trump late last year to run the Consumer Financial Protection Bureau, said the agency should receive its funding from Congress and should obtain lawmakers’ approval before imposing major rules on businesses.

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Commentary: Mick Mulvaney Can End the Consumer Financial Protection Bureau

Tennessee Star Staff

By Printus LeBlanc   A slew of recent reports painted an unflattering picture of the Consumer Financial Protection Bureau (CFPB). These are the latest in a long line of suspect actions by the unconstitutional agency. It is time to do something about Sen. Elizabeth Warren’s (D-Mass.) pet agency. In December, the New York Times reported on a group of CFPB employees using encrypted messaging applications, such as WhatsApp and Signal, to communicate amongst one another on their government-issued phones. The group calls themselves “Dumbledore’s Army.” The group is using the apps to avoid creating official records of what they are doing, and according to the article, they have the goal of undermining the orders of the newly appointed Director Mick Mulvaney. This is problematic for two reasons: Actively disobeying orders to undermine your boss’s lawful order is a violation of the federal employee oath of office. Disobeying lawful orders fails to faithfully discharge the duties of the office. If the group is conducting work business with the apps, it is a violation of the Federal Records Act. The act requires all federal agencies to preserve the records of anything that relates to a government employee’s duties. Those using the apps…

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Mick Mulvaney Looks for More Trump Appointees to Help Him ‘Refocus’ Consumer Bureau

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Interim Consumer Financial Protection Bureau Director Mick Mulvaney said Thursday that he wants to bring more Trump political appointees on board at the agency as he pores over its books and considers halting dozens of pending cases targeting businesses. “We’re trying to get help over here,” Mr. Mulvaney told The Washington Times in an interview.

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Liberals Throw Temper Tantrum Over Trump’s Watchdog Pick

Tennessee Star Staff

Declaring President Donald Trump’s pick for acting director of a government watchdog agency an “imposter,” self-appointed leaders of “The Resistance” argued Tuesday that the president has in the executive branch, which he heads. Organized by the Progressive Change Campaign Committee and featuring a parade of leftist speakers, the rally outside the headquarters of the Consumer Financial…

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Judge Rules in Favor of White House in CFPB Battle over Leadership

Tennessee Star Staff

A federal judge Tuesday sided with the Trump administration in a dispute over control of a federal consumer agency, denying a temporary restraining order to halt President Trump’s pick for acting director. U.S. District Judge Timothy Kelly rejected a request by Leandra English, an employee who claimed to be acting director at the Consumer Financial Protection…

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CFPB’s ‘Acting Director,’ As Proclaimed by Outgoing Richard Cordray, Is A Pupil of Elizabeth Warren

Tennessee Star Staff
Elizabeth Warren

Leandra English, the new acting director of the Consumer Financial Protection Bureau appointed by outgoing director Richard Cordray over the Thanksgiving weekend, has filled a key role during many of the crises that have gripped the six-year agency, according to a Daily Caller News Foundation investigation. English was a key aide during the agency’s first, formative…

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Obama-Era Official Sues Trump For Control Of Consumer Financial Protection Bureau

Tennessee Star Staff

Leandra English, the deputy director of the Consumer Financial Protection Bureau (CFPB), sued President Donald Trump and White House Budget Director Mick Mulvaney late Sunday to secure control of the agency, claiming she is the lawful interim successor to former CFPB Director Richard Cordray. Cordray’s resignation last week prompted a crisis at the CFPB, which in…

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Trump Names Mulvaney Acting Director of CFPB, Setting up Clash with Anti-Trump Bureaucrats

Tennessee Star Staff

President Trump named the White House’s top manager to be the acting director of the Consumer Financial Protection Bureau late Friday, setting up a clash with the panel’s anti-Trump bureaucrats who have named their own person to lead the agency. Mr. Trump picked Office of Management and Budget Director Mick Mulvaney to fill the CFPB role,…

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Treasury Dept. Report Slams CFPB’s Rule to Expand Class-Action Lawsuits Against Banks

Tennessee Star Staff

The Trump administration is taking aim Monday at a new rule issued by the Consumer Financial Protection Bureau that would expand class-action lawsuits against banks, saying it will impose legal defense costs of more than $500 million per year on employers and provide little or no relief for consumers. A Treasury Department analysis of the CFPB’s…

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Commentary: Agency Accountablity Act Would Reclaim Constitutional Authority Congress Ceded to Consumer Financial Protection Bureau and Other Regulators

Tennessee Star Staff

Congress’ power of the purse is one of its bedrock responsibilities listed in Article 1 of the Constitution. The Supreme Court has reaffirmed this power on several occasions, including in a 1976 case when the Court declared, “The established rule is that the expenditure of public funds is proper only when authorized by Congress, not that…

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Commentary: Consumer Financial Protection Bureau Regulations Strangle Innovations Like Google Wallet, PayPal

Tennessee Star Staff

ANALYSIS/OPINION: Be wary whenever a federal agency issues a professedly benign regulation. Even the devil can quote scripture. Under the Administrative Procedure Act (APA), 5 U.S.C. 553(e), federal agencies are required to “give . . . interested person[s] the right to petition for the issuance, amendment, or repeal of a rule.” In other words, if persons…

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