Consumer watchdog agency rediscovers its teeth under Biden
3 years, 10 months ago

Consumer watchdog agency rediscovers its teeth under Biden

Associated Press  

NEW YORK — The nation’s consumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash. Dave Uejio, a long-time career employee of the bureau, has been the bureau’s acting director since Trump’s appointee Kathy Kraninger resigned the day Biden was sworn into office. The bureau’s own data shows the CFPB collecting roughly $650 million in fines or penalties per year under Trump appointees’ control compared to $1.84 billion on average collected annually under the Obama administration. A CFPB spokesperson said Uejio’s actions “have reflected the urgency of the crises our nation is facing,” adding that moving slowly “would further put American families in harm’s way.” Rohit Chopra, Biden’s choice for CFPB director, has himself signaled a more aggressive approach to the bureau’s mission once he’s confirmed by the Senate. On Tuesday the White House announced it would put Cordray, the bureau’s first director under the Obama administration, in charge of the Federal Office of Student Loans.

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History of this topic

Consumer Financial Protection Bureau won't be deleted, Trump administration says
1 month ago

Consumer Financial Protection Bureau won't be deleted, Trump administration says

Salon  

The Consumer Financial Protection Bureau, a longtime target of the Republican Party that has undergone a significant shakeup in recent weeks, will continue operating, the Trump administration says. Related Overdraft fees to be limited under new rule “The predicate to running a ‘more streamlined and efficient bureau’ is that there will continue to be a CFPB,” Vought said in the …

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided
1 month, 1 week ago

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This is the core of consumer protection – …

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided
1 month, 1 week ago

Consumer watchdog agency called ‘vicious’ by Trump seen as a ‘hero’ to many it aided

Associated Press  

NEW YORK — To President Donald Trump, it’s a hotbed of “waste, fraud and abuse” whose only purpose is to “destroy people” and whose staff amounts to a “vicious group.” To Jonathon Booth, it’s simply the agency that helped him get $17 back. “This is the core of consumer protection – someone willing to help with stuff that’s small enough …

Dismantling watchdog leaves consumers in a limbo
1 month, 2 weeks ago

Dismantling watchdog leaves consumers in a limbo

China Daily  

US Senator Elizabeth Warren, Democrat from Massachusetts, attends a protest rally against Donald Trump administration's anticipated plan to close the Consumer Financial Protection Bureau in front of the bureau's headquarters in Washington, DC, on Monday. SAUL LOEB/AFP WASHINGTON — The Donald Trump administration's rapid dismantling of the US consumer protection watchdog will have broad implications for consumers with credit cards, …

Column: Trump’s move to kill federal consumer watchdog will protect Big Business but cost consumers billions
1 month, 2 weeks ago

Column: Trump’s move to kill federal consumer watchdog will protect Big Business but cost consumers billions

LA Times  

CFPB unplugged: The home page of the Consumer Finance Protection Bureau is offline, following the arrival of Trump acolytes determined to kill the bureau outright. — Dennis Kelleher, Better Markets “I am the acting director of the CFPB,”he said, “something that’s apparently keeping Elizabeth Warren up late at night, which doesn’t bother me at all.” Mulvaney isn’t part of the …

Trump’s New Budget Chief Orders Federal Financial Watchdog To Halt Operations
1 month, 2 weeks ago

Trump’s New Budget Chief Orders Federal Financial Watchdog To Halt Operations

Huff Post  

LOADING ERROR LOADING The lead architect of Project 2025 and recently appointed acting director for the Consumer Financial Protection Bureau has told the agency’s employees to essentially halt all operations ― the Trump administration’s latest move to roll back consumer protections against corporate giants. In a Saturday email obtained by several news outlets, Russell Vought ordered the federal financial industry …

Trump administration orders Consumer Financial Protection Bureau to stop work
1 month, 2 weeks ago

Trump administration orders Consumer Financial Protection Bureau to stop work

The Hindu  

The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. The email also ordered the bureau to “cease all supervision and examination activity.” Also late Saturday, Vought said in a social media post that …

Trump administration orders consumer protection agency to stop work, closes building
1 month, 2 weeks ago

Trump administration orders consumer protection agency to stop work, closes building

Associated Press  

▶ Follow live updates on President Donald Trump and his new administration. The email also ordered the bureau to “cease all supervision and examination activity.” On Sunday, administration officials also said that the CFPB’s headquarters in Washington, D.C. would be closed the week of Feb. 10 through Feb. 14, according to an email obtained by The Associated Press. And the …

Trump administration pauses work of consumer watchdog and names Scott Bessent as acting head
1 month, 3 weeks ago

Trump administration pauses work of consumer watchdog and names Scott Bessent as acting head

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Bessent issued a temporary pause on bureau activity while the …

Trump fires head of the Consumer Financial Protection Bureau
1 month, 3 weeks ago

Trump fires head of the Consumer Financial Protection Bureau

CNN  

New York CNN — President Donald Trump has fired Rohit Chopra, the director of the Consumer Financial Protection Bureau. They, alongside tech industry leaders, have encouraged Trump to remove Chopra from his role — which was made possible by a 2020 Supreme Court ruling that enabled presidents to fire CFPB directors. In his time at the CFPB, Chopra spearheaded controversial …

Senate confirms Biden pick to lead consumer watchdog agency
3 years, 5 months ago

Senate confirms Biden pick to lead consumer watchdog agency

Associated Press  

WASHINGTON — The Senate narrowly approved President Joe Biden’s pick to run the Consumer Financial Protection Bureau on Thursday, giving the bureau a director who is likely to embrace an aggressive “watchdog” role, similar to how the agency operated under former President Barack Obama. Chopra is the CFPB’s third permanent director since the bureau was created by the Dodd-Frank Act, …

Biden consumer watchdog pick signals more aggressive stance
4 years ago

Biden consumer watchdog pick signals more aggressive stance

Associated Press  

CHARLOTTE, N.C. — President Joe Biden’s nominee to run the federal consumer watchdog agency indicated Tuesday that if confirmed he would restore more aggressive enforcement actions against companies and banks that largely faded during the Trump administration. Rohit Chopra, currently a Democratic commissioner on the Federal Trade Commission, would be the third permanent director of the decade-old Consumer Financial Protection …

Biden choice for watchdog makes debut in nomination hearing
4 years ago

Biden choice for watchdog makes debut in nomination hearing

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} President …

Watchdog agency signals less focus on student loan abuses
6 years, 10 months ago

Watchdog agency signals less focus on student loan abuses

Associated Press  

NEW YORK — The Trump administration signaled Wednesday that it intends to pull back on investigating potential abuses by companies in the $1.5 trillion student loan market. The Consumer Financial Protection Bureau will shutter its student lending office, according to a bureau-wide memo written by its acting director, Mick Mulvaney. That’s more than 10 percent of the total 42.8 million …

Trump Official Wants To Put Tight Leash On Consumer Watchdog Agency
6 years, 11 months ago

Trump Official Wants To Put Tight Leash On Consumer Watchdog Agency

NPR  

Trump Official Wants To Put Tight Leash On Consumer Watchdog Agency Enlarge this image toggle caption Brendan Smialowski/AFP/Getty Images Brendan Smialowski/AFP/Getty Images The Trump administration will ask Congress to make drastic changes to weaken the independence of the Consumer Financial Protection Bureau, NPR has learned. Sources familiar with the matter tell NPR that the CFPB's interim director, Mick Mulvaney, will …

Consumer Financial Protection Bureau Could Be Defanged Under Donald Trump
8 years, 4 months ago

Consumer Financial Protection Bureau Could Be Defanged Under Donald Trump

Huff Post  

LOADING ERROR LOADING WASHINGTON, Nov 11 - The U.S. Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by President-elect Donald Trump and a Republican-led Congress, according to members of both political parties, lobbyists and lawyers. The Consumer Financial Protection Bureau, which was designed to protect consumers’ finances, is considered …

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