Enforcement actions

The acting head of the Consumer Financial Protection Bureau has made clear he wants to rein in the bureau’s spending, but what exactly he plans to cut is a mystery.

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

The CFPB sought input Wednesday about the effectiveness of its supervisory activities and added more topics, including consumer complaint reporting, to a review of all aspects of the agency's operations.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policies of his predecessor but none as important perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."

The acting director of the Consumer Financial Protection Bureau on Tuesday had his first taste of the withering congressional criticism endured by his predecessor on trips to Capitol Hill.

Wells Fargo CEO Tim Sloan predicted minimal financial impact from the bank's enforcement order with the Federal Reserve, saying he expects to retain top talent in the commercial bank while the asset cap is in place.

Continuing to pull back the reins on the aggressive approach taken under former Director Richard Cordray, the agency's new five-year plan values consumer choice over heavy-handed enforcement.

Fallout from the Fed's blow to Wells Fargo; a call for calm in the rush to regulate cryptocurrencies; point-of-sale lending has its day; and more.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

The examination of its enforcement policies is part of a comprehensive review of all agency procedures that acting Consumer Financial Protection Director Mick Mulvaney launched last month.