Enforcement actions

In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.

The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation, according to the Treasury's inspector general.

Royal Bank of Scotland Group has agreed to pay $500 million to the state of New York after a $5.5B agreement last year with the FHA, and another probe is pending.

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.

If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.

The Federal Reserve on Friday slapped Wells Fargo with one of the harshest orders it has ever handed down, but the message it sent went far beyond a single institution.

Consumer advocates see acting CFPB Director Mick Mulvaney's restructuring as an attempt to reduce oversight and penalties for firms that discriminate against borrowers.

The Consumer Financial Protection Bureau is seeking comment on how it sues companies via an internal process rather than the traditional court system.

The Consumer Financial Protection Bureau published a request for information Wednesday seeking comment on the bureau's process for investigating companies that face possible enforcement actions.

Many in the industry applauded the Consumer Financial Protection Bureau's new mission statement shifting the agency's focus away from using enforcement actions as a substitute for rules of the road.

The agency is winning praise for changes in how loans are evaluated for defects, which could cut down on the risk of enforcement actions.