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CFPB overhaul continues: Looking back at an eventful week
Mick Mulvaney’s unapologetic memo to staff about the Consumer Financial Protection Bureau’s mission headlined a spate of developments this past week as he continues to transform the agency. Here are the key developments.
Judge rejects relief in CashCall case
The week started with news of another court defeat for supporters of the Richard Cordray-led CFPB. In November, a U.S. District Court judge had sided with the bureau against CashCall, finding that the California-based nonbank lender had tried to avoid usury caps by claiming affiliation with a sovereign Native American tribe. But the same judge, in a ruling Friday, rejected the agency’s request for over $280 million in penalties, saying the lender’s violations justified a $10.2 million fine and zero in relief for consumers.