Mulvaney: CFPB will take 'humble approach'

Wells Fargo could face as much as $1 billion in fines

That's likely no fluke: Mick Mulvaney, appointed acting director of the Consumer Financial Protection Bureau in late November, promised to shrink the bureau's mandate and take a much softer approach to enforcement, and records reviewed by The Associated Press indicate he has kept his word.

In the roughly seven years it has been in existence, the bureau has returned $3.97 billion in cash back to American consumers through enforcement actions and an additional $7.93 billion in other types of relief, such as lower loan balances or debt relief, based on the CFPB's records.

Mick Mulvaney, interim CFPB director, testified in February about the Trump administration's budget.

Representative Carolyn Maloney of NY said: "We have essentially taken the cop off the beat".

Mulvaney said he had taken the "extraordinary step" of ratifying enforcement actions initiated by his predecessor, Richard Cordray, in moves meant to prevent the agency's targets from continuing to challenge the agency's independent, single-director design. "That's enough for me", Mulvaney said. "We are just doing it differently and with more restraint than the previous leadership was doing". However, he said "regulation by enforcement is done".

"You said, to be perfectly honest, you didn't like the fact that the CFPB exists", said Meeks, referring to comments Mulvaney made while serving in the House. 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.

But Mulvaney was adamant that the agency has not ceased investigations and said his perspective of the CFPB has improved after having worked with the agency's staff. The acting director and his Republican allies insist he's bringing the CFPB in line with the law, while Democrats claim he's hijacked the agency to protect banks and special interests.

In the letter, the trades also noted that similar legislation for a CFPB commission has passed the House Financial Services Committee six times and the U.S. House of Representatives four times, and that the version of the Dodd-Frank Act the House passed in 2009 included a provision establishing a five-member commission.

"The best way to get rid of the bureau would be to take it over and get rid of it", Meeks said.

Hensarling, R-Texas, is a longtime critic of the CFPB, and has sponsored several bills that would either abolish or severely restrict the bureau's ability.

Related News:



Most liked

'Yodeling kid' Mason Ramsey trades Walmart for the Grand Ole Opry
DeGeneres told Ramsey that he would be performing at the Grand Ole Opry for a massive concert, which is Ramsey's dream. And in pure Ellen fashion, DeGeneres had a few surprises up her sleeve for the budding viral country star.

Japan's top envoy visits Korea after a long time
South Korean foreign ministry spokesman Noh Kyu-duk said there is a precedent for a potential Kono visit to the cemetery. Kono met his South Korean counterpart Kang Kyung-wha after paying his respects at the National Cemetery in Seoul.

FBI Sought Trump 'Access Hollywood' Tape Records in Michael Cohen Raid
The FBI also wanted documents related to Cohen's payments to Stormy Daniels and Karen McDougal , among other women. The warrant is the first indication that investigators suspect there was any effort to suppress the tape.

EPA Reportedly Used Social Media To Justify Pruitt's Expensive Security
President Donald Trump has come out in support of Pruitt, saying that he is "totally under siege" because of his work at the EPA. Secret Service, show there were no credible threats to justify the level of security the EPA is providing to Pruitt.

Real Madrid vs. Juventus: Champions League highlights and recap
Again Mandzukic jumped higher than Dani Carvajal as he nodded between Navas' right hand and the near post. If you call a penalty like that in the 93rd minute , you are not a man, you are an animal.

California to give Trump some National Guard patrols at Mexican border
Trump has said he wants up to 4,000 troops to be sent to the border to combat illegal immigration and drug trafficking. McGuire said the mission, formally called "Operation Guardian Shield", will extend through September 30, 2018.

Strawberries again top 2018's 'Dirty Dozen' fruits and veggies
Through its healthy eating reminder, MyPlate, the USDA recommends that half your plate be filled with fruits and vegetables. This year's list almost mirrors the one from last year , suggesting that little has changed in how these crops are grown.

LG promises faster updates with new Software Upgrade Center
As far as AndroidHeadlines is concerned, this is going to be exactly the same rear camera setup offered with the G7 ThinQ. Korean tech company LG has now officially confirmed that its next flagship G7 Thinq will launch in May.

Woman Testifies That Missouri Gov. Eric Greitens Groped, Hit Her
She said when it comes to impeachment proceedings, she wants to read the full report before taking any next steps. The court filing by Greitens' attorneys said the woman participated in a lengthy deposition Friday.

Netflix Won't Bring Any Films to Cannes This Year
Critics say a platform destructive to theatrical moviegoing shouldn't be celebrated at the world's foremost celebration of cinema. Let's not forget that not only does Netflix bring movies to Cannes, it also acquires movies there.

Pittsburg man pleads no contest in 2 relatives' deaths
A MACKAY man has pleaded guilty to burglary and attempting to light a fire in a woman's home, among other offences. They later started using FaceTime to communicate, allegedly exchanging nude photos.

PNB fraud: CBI questions 3 officials from Indian banks' branches overseas
Aggarwal responded that he is handling the matter related to company and he did not know Modi's whereabouts. A separate and independent probe is also underway by the Enforcement Directorate .

Trump's personal attorney tells ABC News FBI raids were 'respectful' and 'courteous'
Montoya said the warrant regarding Cohen would have required rigorous scrutiny above and beyond the normal warrant process. Pressed on this claim, she said, "We have been advised that the President certainly has the power to make that decision".

Patrick Reed Didn't Invite His Parents To The Masters - Here's Why
That was evident in the many Tweets that flooded feeds when Reed was the leader at The Masters after the first two rounds. Every time he was challenged on this birdie-drenched afternoon of sun and constant celebrations, he responded.

Boehner to Join Cannabis Advisory Board
In an interview with Bloomberg , Boehner explained that his position has evolved. In 2011 , Boehner proclaimed that he was "unalterably opposed" to legalization.