State AGs assail CFPB plan to build fintech sandbox
The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
Enforcement actions
CFPB’s No. 3 to depart, join New York AG
Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state.
New CFPB chief’s memo to staff: Enforce law, but don’t presume guilt
In her New Year’s message, CFPB Director Kathy Kraninger called on the agency to ensure that consumers are treated fairly and that “the marketplace is innovating.”
CFPB once again enters new year with direction TBD
The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.
Warren lays into Navient CEO over Education Dept. audit
The Massachusetts senator said the government’s findings bolster allegations that the servicer steered borrowers into expensive student loan forbearance plans.
For Santander’s U.S. unit, even having a growth plan is an achievement
Scott Powell, the CEO of Santander Holdings USA, has spent years contending with a host of regulatory problems. He outlined a long-range vision that includes a branch-focused retail push and possible acquisitions.
Legal industry scores victory over CFPB in debt collection battle
A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.
Another judge says CFPB structure is unconstitutional
The Consumer Financial Protection Bureau's structure is an infringement on the authority of the executive branch, a New York federal judge said Thursday.
CFPB faces tough questions over student loan moves
Senate Democrats want acting CFPB Director Mick Mulvaney to explain why the agency is no longer policing student loan lenders and servicers.
Mulvaney guts CFPB’s student lending office
The CFPB's acting director announced new political hires and more plans to overhaul the agency in an email Wednesday.
Wells’ $1B penalty: Regulators make good on Trump tweet
Months after President Trump vowed that Wells Fargo would pay a severe penalty, the CFPB and OCC hit the bank with a $1 billion fine to settle claims it overcharged customers for auto insurance and home loans.
Ocwen Financial gets closer to detente with the states
A new settlement with Massachusetts resolves all outstanding administrative actions against Ocwen Financial Corp. by a group of 30 states, but two states' legal actions against the servicer remain outstanding.
CFPB embraces free-market approach in new strategic plan
Continuing to pull back the reins on the aggressive approach taken under former Director Richard Cordray, the agency's new five-year plan values consumer choice over heavy-handed enforcement.
Cap on Wells Fargo’s asset growth could be gift to competitors
If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.
Reactions to Mulvaney memo range from elation to disgust
Many in the industry applauded the Consumer Financial Protection Bureau's new mission statement shifting the agency's focus away from using enforcement actions as a substitute for rules of the road.
Wells Fargo fires head of consumer lending
The San Francisco company said Friday that it has terminated Franklin Codel, effective immediately, over an interaction he had with a former employee regarding that employee's termination.
Radical changes ahead for CFPB after Cordray departure
The resignation of CFPB Director Richard Cordray gives President Trump the chance to name a director who could roll back agency rules and supervisory policies.
Ocwen settles with Alabama, Minnesota regulators
Ocwen Financial Corp. is settling allegations by Alabama and Minnesota that it engaged in improper mortgage activities, bringing the total of states it has settled with to 17.
Ocwen won’t face SEC enforcement action over collection practices
Ocwen Financial Corp. received more breathing room on the legal front as the Securities and Exchange Commission is not pursuing an enforcement action against the company regarding its debt collection practices.
Can Powell stabilize Santander’s U.S. auto unit?
Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital.
