Processing Content Key insight: Audits of both the Federal Reserve Board and the Consumer Financial Protection Bureau found each agency’s security systems had declined. What’s at stake: The findings come at a time when banks face an unprecedented wave of sophisticated cyber threats, raising questions about data protection. Forward look: The OIG also found lag […]
Watchdog warns of failures in Fed and CFPB security programs Read More »
Russell Vought, acting director of the Consumer Financial Protection Bureau, is also director of the Office of Management and Budget. He testified on Capitol Hill April 15.Bloomberg News Processing Content Key insight: The CFPB’s draft plan substantially cuts back on supervision of nonbanks, which bankers oppose. What’s at stake: The plan mandates a radical reduction
Banks assail nonbank oversight in CFPB deregulatory push Read More »
Al Drago/Bloomberg The Consumer Financial Protection Bureau is proposing reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers. The move aligns with the bureau’s new priorities of reducing regulations, slashing staff and cutting funding. Acting CFPB Director Russell Vought on Friday
CFPB proposes a rule change to cut nonbank supervision Read More »
A leading title insurer is suing two federal U.S. offices over a new “arbitrary and capricious” reporting rule aimed at preventing money laundering activity that it claims exceeds their authority. Fidelity National Financial and its similarly named title insurance subsidiary filed the lawsuit in a Florida federal district court in May. Named as defendants were
Title company sues feds over looming reporting rule Read More »
Russell Vought is the acting director of the Consumer Financial Protection Bureau.Andrew Harrer/Bloomberg The Consumer Financial Protection Bureau has withdrawn guidance from the Biden administration that had expanded states’ rights, allowing individual states to broadly enforce violations of federal consumer protection laws. The CFPB under former CFPB Director Rohit Chopra interpreted the Consumer Financial Protection
CFPB blocks state enforcement of federal consumer laws Read More »