The Acting Chief of the Consumer Financial Protection Bureau (CFPB) is deliberating on whether to continue with a multi-million dollar fine for alleged mortgage fraud by Wells Fargo.
Reuters reported that the CFPB and Wells Fargo had been making an error out of an agreement on the bank by potentially charging more than 100,000 mortgage borrowers unnecessary fees to secure low mortgage rates.
Acting CFPB Director Mick Mulvaney John (Mick) Michael Mulvaney Consumers need a hero, not a trick, will head the CFPB's overnight regulation: the Federals push to clarify the rules on top stocks | Interior wants Trump to reduce two more monuments | Navajo Nation against the restoration of the monument | FCC will not delay net neutrality vote | The Senate panel approves a bill that facilitates the rules of Dodd-Frank Cybersecurity at night: the cost of the Mueller probe was .7 million in the first months | Senate confirms National Security nominee | The consumer agency limits the collection of data | Arrested in the investigation of Andromeda botnet MÁS the budget director of the White House, said last week would review each of the 14 pending enforcement actions left by the former Director ] Richard Cordray Richard Adams Cordray Consumers need a hero, not a trick, to spearhead the CFPB's overnight regulation: the Federals push to clarify the rules on top stocks | Interior wants Trump to reduce two more monuments | Navajo Nation against the restoration of the monument | FCC will not delay net neutrality vote | Senate panel approves bill that softens Dodd-Frank's rules Midnight funding: Democratic Party delays work on funding bill amid conservative demands | Senate panel approves Fed Powell candidate | Dodd-Frank rollback advances | WH disputes report that Mueller cited Trump MÁS's banking records .
Mulvaney, a staunch conservative, had routinely spoken against CFPB as a congressman, sponsoring bills to eliminate the agency. He and his Republican colleagues have accused Cordray and the CFPB of abusing their unique independence and ample power to damage financial markets.
"The structure of the CFPB is fundamentally flawed, the authority I now have as acting director should really scare people," Mulvaney said last week at Fox Business.
"We will try to limit as much as we can do what CFPB does to interfere with capitalism and the financial services market," he said.
The interim director imposed a 30-day contract and regulatory freeze upon taking over the CFPB last Monday, and has just started making payments from the civil fines fund of the bureau.
Mulvaney said he is reviewing the various lawsuits in which CFPB is involved and has already sought delays in two cases where his opinion differs from that of Cordray
Mulvaney also He said he is analyzing CFPB's budget for possible savings and continued efforts to strengthen the agency's cybersecurity protections.
He said CFPB would stop collecting personally identifiable information until the office has better management of the data it stores.