A "safer" payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole.
Thanks to a recent regulatory change, it now may be possible for banks to offer small, short-term loans that could be a lot less dangerous for borrowers. Whether banks will actually do so remains to be seen.
The Consumer Financial Protection Bureau is now the star of a bizarre legal and bureaucratic drama, a Rome-versus-Avignon power struggle unfolding a block from the White House. The resignation of the bureau’s director, Richard Cordray, has created a soap-opera succession battle tailor-made for the frenzied Washington news cycle, with two dueling officials claiming his job and furious partisans arguing both sides. President Donald Trump’s tweet on Nov. 25trashing the CFPB as “a total disaster” got more attention than anything the bureau has done in its six-year existence.
WASHINGTON – A federal judge on Tuesday refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, siding with the Trump administration in the legal fight over the leadership of the consumer watchdog.
"Denying the president's authority to appoint Mr. Mulvaney raises significant constitutional questions," U.S. District Judge Timothy Kelly said.
The Consumer Financial Protection Bureau’s (CFPB) mission is far too vast and far too important for a single director to play both judge and jury for nearly every financial decision Americans make. The bureau has grown to 1,700 employees with an annual budget of more than a half billion dollars.
WASHINGTON (AP) — The battle between two supposed directors of the Consumer Financial Protection Bureau is making for compelling optics but only seems to be delaying a tidal shift at the powerful consumer watchdog.
Employees at the Consumer Financial Protection Bureau are privately questioning why outgoing director Richard Cordray abruptly tapped a 34-year-old chief of staff with no enforcement, supervisory or legal experience to head the embattled agency after he resigned.
WASHINGTON — Two people are now claiming to be the rightful leader of the Consumer Financial Protection Bureau.
CFPB Director Richard Cordray's final act to appoint his own interim successor before stepping down — Leandra English, the agency's chief of staff — came hours before the Trump administration named Office of Management and Budget Director Mick Mulvaney as the temporary director.
It is now unclear who is legally entitled to the job, and both appear likely to show up Monday to claim the mantle.
If there’s a question mark over who’s in charge of the Consumer Financial Protection Bureau, Mick Mulvaney is having none of it.
The White House budget director, who has called the financial watchdog the “worst kind” of government entity, showed up bright and early Monday with an olive branch for the CFPB’s bewildered staff: doughnuts. He then started pouring through briefing books and sent a memo to workers advising them to disregard any orders from the agency bureaucrat who’s separately asserted that she’s the boss.