Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), sent a letter to Sen. Elizabeth Warren (D-Mass.) defending himself against accusations that the bureau's actions on payday lending curbs under his watch have to do with campaign donations received from the industry. “I reject your insinuation – repeated three times in as many pages – that my actions as acting Director are based on considerations other than a careful examination of the law and facts particular to any matter,” Mulvaney wrote, referring to an earlier letter from Warren to the agency's interim chief.
Responding to a Jan. 31 letter in which six Democrats led by Warren and Rep. Maxine Waters (D-Calif.) asked him to explain the bureau's light treatment of the industry since he took the helm, Mulvaney said “civil discourse rests upon our reciprocal understanding that no matter how strongly we may disagree on matters of policy, we are motivated by principle and our mutual desire to serve the American people to the best of our abilities.” He suggested that Warren's support for the CFPB's arbitration rule, which Congress repealed, could easily be described as influenced by a similar motivation.
“Prior to receiving your letter, I never would have thought to consider, for instance, whether your vote against repealing the Bureau's arbitration rule was influenced by campaign donations you may have received from trial lawyers or other parties who stood to gain financially from the rule,” Mulvaney wrote.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), sent a letter to Sen. Elizabeth Warren (D-Mass.) defending himself against accusations that the bureau's actions on payday lending curbs under his… Read the rest
Philip Bohi, VP Compliance Education
On January 3, 2018, the Federal Reserve Board (“Board”) issued for public comment a Proposed Rule affecting Consumer Leasing Regulation M (“Reg. M”). But, you may observe,… Read the rest
Some state examiners feel that multi-state exams are a more efficient process today than they were several years ago. The question is: are they better for industry? Some say worse; others say better. But all agree, there are still some drawbacks… Read the rest
As an industry, we understand the importance of personal financial education and, yet, we know there is opportunity to do so much more. To that end, the AFSA Education Foundation Board is committed to ensuring that it is easy and impactful for… Read the rest
AFSA is pleased to announce its newly enhanced Online Industry Buyer’s Guide that is prominently displayed on AFSA’s Homepage. The Guide provides contact information and identifies the products and services provided by AFSA’s… Read the rest
Registration has opened for the American Financial Services Association Education Foundation’s (AFSAEF) THE EDGE program. THE EDGE provides high quality training for branch managers and team leaders by providing layered modules… Read the rest
AFSA’s first ever Law & Compliance conference closed last week with Ron Insana offering his unique perspectives on the economy, Washington and the global geo-political challenges facing the United States. Insana is a contributor… Read the rest
A new year brings with it new challenges and some old ones as well. In 2018, financial institutions will continue to face Synthetic Identity Fraud, Loan Fraud and ADA Website Accessibility Compliance risks. Are you prepared?
ADA website accessibility… Read the rest
On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its request for information (RFI) regarding bureau civil investigative demands and associated processes. Comments will be due 60 days after publication in the Federal… Read the rest
On Tuesday, Mick Mulvaney, Acting Director of the CFPB, sent a memo to his staff that was converted into a Wall Street Journal op-ed piece which appeared in the paper yesterday under the headline The CFPB Has Pushed Its Last Envelope.
The op-ed… Read the rest
