From: The Washington Post/Federal Eye
By Josh Hicks
The Consumer Financial Protection Bureau collects sensitive financial data on tens millions of Americans, and it needs to do more to protect the information, according to federal auditors.
The Government Accountability Office said in a report this week that the bureau gathered information on 75 million credit-card accounts, 10.7 million credit reports, 5.5 million student loans and a range of other financial products over the past two years.
From: The Wall Street Journal
About 40 Lenders Expected to Be Supervised By CFPB
By Alan Zibel and Christina Rogers
WASHINGTON—The U.S. consumer-finance regulator is preparing to launch in-depth reviews of about 40 large auto lenders to determine whether the firms are following federal consumer-protection laws, according to people familiar with the matter.
From: The Hill
The financial industry and the Consumer Financial Protection Bureau are on a collision course over proposed changes to a database that would allow consumers to air their grievances in public against banks, credit card and other companies.
The Financial Services Roundtable, which represents some of the largest banks in the world, has been vocal in its opposition to an expansion of the complaint system.
In an email to members obtained by The Hill, the Roundtable said it might consider a legal offensive to stop regulators from moving forward.
From: HousingWire
he mainstream nonfinancial press is picking up on an underreported story that HousingWire has been covering since March.
The Washington Times on Wednesday published a well-reported, well-written, detailed account of the allegations of racial discrimination, retaliation, mismanagement and hostility at the Consumer Financial Protection Bureau.
Here’s a taste:
America’s newest federal agency, charged with regulating financial institutions to prevent another hostile economic downturn, is having troubles regulating hostilities and discrimination among its own employees.