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.
The Federal Housing Finance Agency on Friday announced that on Aug. 1, it will eliminate a controversial 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, a fee that the Trump Administration had said was needed to help the Enterprises weather the coronavirus economic crisis.
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.
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
The Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allowed banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100% is dead.
President Biden officially killed the rule Wednesday by signing a resolution repealing it. The House approved that resolution last week; the Senate had passed it earlier.
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.
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 Credit Union National Association on Tuesday endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the National Credit Union Administration’s Community Development Revolving Loan Fund program.
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.