The acting head of the Consumer Financial Protection Bureau said he is “pleasantly surprised” with most personnel but raised concerns about those who lean toward the regulatory philosophy of Sen. Elizabeth Warren.
According to the Reuters report, which cited unnamed sources, acting CFPB Director Mick Mulvaney is seeking a settlement with Wells over claims related to force-placed auto insurance and improper mortgage fees.
The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.
One purpose of the Senate bill was for small banks to rein in skyrocketing costs, but some bankers question whether the changes will save them money, and adapting to the reforms may even increase spending.