Wednesday, 19 September, 2018

New CFPB chief has reportedly killed its Equifax probe

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Melinda Barton | 07 February, 2018, 01:09

Reuters reports that the CFPB and FTC had originally planned to coordinate their probes, but the former is dragging its heels under Mulvaney's leadership.

A spokesman for CFPB told Reuters the agency is not permitted to say whether or not there is an investigation underway, nor to comment on the status of any probe.

The fight over his legitimacy is still active, but the acting director of the Consumer Financial Protection Bureau is building out his team. Sherrod Brown, D-Ohio, ranking member of the Senate Banking Committee. Sen.

I'm not aware of that but as I said it is something I am going to discuss with him and we'll take up at [the Financial Stability Oversight Council]", Mnuchin responded.ICYMI: "watch my exchange about the CFPB's handling of the investigation of the #Equifax data breach with U.S. Treasury Sec.

"As policy, we do not confirm or deny enforcement or supervisory matters", John Czwartacki, a senior adviser to Mulvaney, said in a statement.

Otting praised steps by Mulvaney such as halting the CFPB's payday rule as a well as a rule that expands the amount of mortgage data lenders must collect.

For Republicans, who have always been critical of the CFPB, Mulvaney's efforts are a welcome change for the agency, which they say has been too aggressive. In a memo to CFPB last month, Mulvaney said the agency would act with "humility and prudence" and no longer "push the envelope".

But Democrats say Mulvaney is gutting the CFPB, which was created after the global financial crisis. For several days, the company's Twitter account directed consumers in search of help to a fake site pretending to be Equifax and it initially required consumers to agree not to join a class-action lawsuit to get some form of help.

Mick Mulvaney on Tuesday announced the hiring of Kirsten Sutton Mork as the bureau's chief of staff. Sutton Mork previously served as staff director of the House Financial Services Committee under its chairman, Texas Republican Rep. Jeb Hensarling.

In the past, the CFPB has fined credit reporting agencies more than $25 million for unethical marketing practices.

The full letter to the Inspector General is available here.