Aug 16 Trump appoints student loan industry executive to be top loan watchdog By Ken Sweet, Associated Press It's a job designed to protect student loan borrowers from poor practices in the student loan industry and one of the few positions explicitly named in the Dodd-Frank Act, the law passed after the 2008 financial crisis that created the… Continue reading
Jul 22 Equifax to pay up to $700 million in data breach settlement By Associated Press The settlement was made over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people. Continue reading
Feb 06 Financial watchdog to gut its payday lending rules By Ken Sweet, Associated Press Consumer Financial Protection Bureau is getting rid of a requirement that lenders make sure borrowers could afford to repay a payday loan without being stuck in a cycle of debt, a standard known as "ability to repay."… Continue reading
Aug 27 Nation’s top student loan official resigns By Ken Sweet, Associated Press The government's top official overseeing the $1.5 trillion student loan market resigned in protest today, citing what he says is the White House's open hostility toward protecting the nation's millions of student loan borrowers. Continue reading
Apr 20 Wells Fargo fined $1 billion for mortgage, auto lending abuses By Ken Sweet, Associated Press Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in a wide-ranging scandal at the banking giant. However, it appears that none of the $1 billion… Continue reading
Apr 12 Watch 7:13 Elizabeth Warren and Mick Mulvaney face off over consumer protection bureau President Trump and Acting Director Mick Mulvaney have charted a dramatically different course for the Consumer Financial Protection Bureau, the brainchild of Sen. Elizabeth Warren that was created in 2010 to curb predatory practices and lending problems. Today those two… Continue watching
Feb 12 Watch 6:51 How the consumer protection agency is being curtailed by the Trump administration By PBS News Hour The Trump administration has made it clear that it plans to roll back the once-tough approach of the Consumer Financial Protection Bureau, which was born out the 2008 financial crisis, and intended to be a federal watchdog cracking down on… Continue watching
Nov 28 Judge rules in favor of Trump, says Mulvaney is head of Consumer Financial Protection Bureau By Associated Press The leadership of the bureau had been thrown into chaos over the weekend after its permanent director, Richard Cordray, resigned and appointed English as his successor. Both Mulvaney and English claimed to be the rightful acting director. Continue reading
Nov 27 Who is the acting director of the Consumer Financial Protection Bureau? A judge has yet to rule By Ken Sweet, Catherine Lucey, Associated Press Leandra English has filed a lawsuit seeking a temporary restraining order to block Mick Mulvaney from taking over the bureau. Continue reading
Nov 27 Watch 2:37 Duel over who runs the Consumer Financial Protection Bureau goes to court By PBS News Hour The Consumer Financial Protection Bureau opened for business on Monday with dueling appointees. Leandra English was named acting director on Friday by the bureau's outgoing chief, but within hours President Trump appointed White House budget chief Mick Mulvaney to the… Continue watching