Having survived the Trump Administration, the Consumer Financial Protection Bureau should reassert its authority and issue tough rules on payday lending, overdraft fees and debt collection, U.S. PIRG, a public interest and consumer group, said in a new report.
The Consumer Financial Protection Bureau will issue a Notice of Proposed Rulemaking by the end of September on the collection of race, sex, and ethnicity information from credit applications, according to court documents.
Republicans on the House Financial Services Committee are accusing Consumer Financial Protection Bureau Acting Director Dave Uejio of overstepping his authority by taking actions that traditionally would be reserved for a Senate-confirmed director.
Republicans on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director-nominee Rohit Chopra of stonewalling and refusing to answer questions about allegations that career employees are being pushed out of the agency.
Efforts by financial institutions to help people by advancing federal Economic Impact Payments seem to have backfired, resulting in overdraft fees and other problems, the Consumer Financial Protection Bureau reported in its latest bulletin on problems faced by consumers during the pandemic.
Credit union trade groups are warning Congress that proposals to establish a public credit reporting agency within the Consumer Financial Protection Bureau would give the agency enormous new power that it should not have.
The National Credit Union Administration is an above-average place to work, but the Consumer Financial Protection Bureau ranks far lower, according to the annual “Best Places to Work in the Federal Government” survey conducted by the Partnership for Public Service.
The Consumer Financial Protection Bureau on Monday said it will not impose a moratorium on mortgage foreclosures until the end of the year but will impose “temporary safeguards” to ensure that homeowners with pandemic-related hardships have time to make payments on their homes.
President Biden last week announced his intention to nominate Acting Consumer Financial Protection Bureau Director Dave Uejio to a key position at the Department of Housing and Urban Development.
If confirmed by the Senate, Uejio would become HUD’s assistant secretary for fair housing and equal opportunity.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.