In response to reports that Acting CFPB Director Mick Mulvaney intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA), Senate Democrats sent a joint letter addressed to Mulvaney in his capacity as Director of the Office of Management and Budget—urging him to reconsider.… Continue Reading
OMB
Trump nominee to head OMB could create hurdles for CFPB regulations
By Barbara S. Mishkin on
Posted in CFPB Rulemaking, Regulatory and Enforcement
It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB). Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.… Continue Reading
Prominent industry trade groups nix CFPB’s proposed telephone survey of consumers
By Alan S. Kaplinsky on
Posted in Arbitration, Regulatory and Enforcement
As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of 1,000 credit card holders to ascertain their awareness of and perceptions regarding the arbitration provisions in their contracts.… Continue Reading