Consumer finance regulator mulls record fine for Wells Fargo

Mulvaney blasts leaks from within consumer bureau

Mulvaney blasts leaks from within consumer bureau

Mick Mulvaney defended his leadership of the Consumer Financial Protection Bureau - an agency he once called a "joke" - in front of a House committee Wednesday, dismissing criticism from Democratic lawmakers that he was weakening the watchdog agency.

Since taking control of the bureau, Mulvaney has drawn Democrats' ire by dropping a lawsuit against a payday lender, stripping enforcement powers from a CFPB unit responsible for pursuing discrimination cases and proposing that the agency's powers be curtailed. He also has announced he would revise or revisit numerous rules or regulations that his predecessor, Obama-appointee Richard Cordray, put into place under his tenure.

Democrats, including ranking member Rep. Maxine Waters of California and Rep. Carolyn Maloney of NY, repeatedly insisted that their presence at the hearing didn't imply that they think his appointment is legitimate; a legal battle involving deputy CFPB director Leandra English, who claims to be the rightful successor to former director Richard Cordray, remains ongoing.

Representative Carolyn Maloney of NY said: "We have essentially taken the cop off the beat". "I have not burnt the place down", repeating a phrase he has often used to combat his critics.

Mulvaney has since taken several steps to ease the CFPB's aggressive policing of the financial sector.


According to Reuters, CFPB acting director Mick Mulvaney is considering fines that would approach one billion dollars, making it a record sanction. "The organization is the Bureau of Consumer Financial Protection". Democrats often saluted Cordray's efforts to win financial relief for consumers while Republicans complained that he overstepped his mandate.

The four-hour-long hearing of the House Financial Services Committee was marked by partisan bickering about the Trump administration's takeover of the CFPB, including the revelation that Mulvaney had spent more than $3,000 to frost the glass around his and other offices.

Mulvaney, a former Republican congressman, has said that the agency overstepped its reach in the past and that he aims to help fulfill Trump's promise to cut regulations for industry. The trades urged Congress to pass the Financial Product Safety Commission Act of 2018 (H.R. 5266) which would change the CFPB's governance structure from a sole director to a five-person commission.

"I should not be able to walk down the street and get a check for $700 million, no questions asked", he said.

Representative Gregory Meeks, a Democrat from NY, accused Mulvaney of becoming acting director just to undermine the agency. It is expected that Trump will eventually nominate someone, but Mulvaney will remain in this role until the end of the year. Elizabeth WarrenElizabeth Ann WarrenMulvaney blasts leaks from within consumer bureau How Washington can tackle hearing loss related to diabetes Lawmakers congratulate Duckworth on birth of daughter MORE (D-Mass.) and has been fiercely defended by her party.

Recommended News

  • Moon urges efforts to improve S. Korea-Japan ties

    Moon urges efforts to improve S. Korea-Japan ties

    South Korean foreign ministry spokesman Noh Kyu-duk said there is a precedent for a potential Kono visit to the cemetery. Kono was set to pay a courtesy call later in the day to President Moon Jae-in and to have dinner with Kang.
    Semenya smashes Budd record

    Semenya smashes Budd record

    Also it's just to motivate them so they can believe in themselves. "I am very positive for the rest of the year". He dropped to the track and did some trademark push-ups while his rivals stood around panting.
    Zuckerberg says Facebook in 'arms race' with Russian Federation

    Zuckerberg says Facebook in 'arms race' with Russian Federation

    He outlined steps the company has taken to restrict outsiders' access to people's personal information. If he can figure it out, surely the young tech genius who founded Facebook can.
  • 'Get ready Russia': Trump tweets Syria missile threat

    'Get ready Russia': Trump tweets Syria missile threat

    US officials tell The Associated Press that the allies have weighed launching a military strike as early as the end of this week. Peskov said the Russian president, Vladimir Putin, did not have plans to speak with leaders from the US, France or UK.
    Bank of America Corporation (BAC) stock closes Yesterday with $29.87

    Bank of America Corporation (BAC) stock closes Yesterday with $29.87

    Aviance Capital Partners Llc, which manages about $417.57M and $303.10M US Long portfolio, decreased its stake in Walt Disney Co. Companies with higher future earnings are usually expected to issue higher dividends or have appreciating stock in the future.
    Unsettled weather to start the weekend

    Unsettled weather to start the weekend

    Friday's balmy weather is forecast to turn to rain and snow by Saturday morning when a cold front sweeps in from the Great Lakes. By mid Monday morning the snow showers should start to taper off and will give us a brief break from the precipitation.
  • Gov. Brown will deploy National Guard, but not for immigration enforcement

    Gov. Brown will deploy National Guard, but not for immigration enforcement

    The Pentagon has said National Guard troops will not perform a law-enforcement role, and will be armed only for the goal of self-defense.
    LG G7 ThinQ will be ready with better customer, after-sales services

    LG G7 ThinQ will be ready with better customer, after-sales services

    The LG G7 ThinQ is back on track for its launch after it had been allegedly canceled at the Mobile World Congress (MWC) 2018. The LG G7 ThinQ is said to use "superpixel" technology, which combines multiple pixels to create a larger superpixel.

    Here's the official synopsis for Avengers: Infinity War

    The real question seems to be how far pastthe $200M mark Infinity War might land over the course of its opening weekend. Avengers: Infinity War is the culmination of Marvel's ambitious project to unite many heroes from the Marvel cannon.
  • Real Madrid look to avoid Barca-like collapse

    Real Madrid look to avoid Barca-like collapse

    After Tuesday's heroics by Roma, Juventus went about part two of mission impossible in right way, scoring just two minutes in. There's unusual tidings afoot in the Champions League , and Real Madrid can't afford to assume they already have the tie won.
    Missouri Gov. Greitens to make statement ahead of legislative report release

    Missouri Gov. Greitens to make statement ahead of legislative report release

    The court filing says the woman also testified that she doesn't know if her belief that he had a phone was the result of a dream. Greitens called the report a "witch hunt" and said it would include "lies and falsehoods".
    IPL 2018: Rajasthan Royals trump Delhi Daredevils in rain-affected game

    IPL 2018: Rajasthan Royals trump Delhi Daredevils in rain-affected game

    The home fans, however, had something to cheer about as their team clinched the game against Delhi Daredevils by 10 runs (DLS). Delhi got the odd boundaries but Rajasthan bowlers bowled to a plan and managed to derail the momentum with regular wickets.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.