MORE SWAMP DRAINING OVER AT THE CFPB

Compiled by Lisa Evans Rockwell

Mick Mulvaney just released the First Supervision Report of the Consumer Financial Protection Bureau (CFPB).

This report is separate from the IG Audit’s I will list at the end of this post.

This report backs up numerous claims that the CFPB is rife with fraud and NO OVERSIGHT of the entites in which they are to monitor.

This report found extensive illegal activities in Mortgage and Auto-Loan servicing and at Payday-Lending Companies.

It also highlight’s illegal activity in Credit Cards, Debt Collection and Small-Business Lending.

Here is a synopsis of WHAT Mulvaney found.

  • 👉The bureau’s examiners observed various deceptive and unfair acts or practices by servicers, including repossessing vehicles after the repossession was supposed to be canceled, or sloppy billing practices that caused consumers to be late on payments.
  • 👉In the home mortgage servicing sector, unfair practices were found in loan modifications and foreclosure initiations, the CFPB said.
  • 👉In payday lending, examinations uncovered violations such as sending out misleading collection letters and debiting consumers’ accounts without valid authorization. The other industries highlighted in the 22-page report included credit cards, debt collection and small-business lending.

Now. Is it still a mystery as to WHY Mulvaney fired the ENTIRE 25 MEMBER BOARD?

You’re Fired: Mick Mulvaney Fires Entire CFPB Advisory Board

You're Fired: Mick Mulvaney Fires Entire CFPB Advisory Board

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, fired the agency’s 25-member advisory board Wednesday, days after some of its members criticized his leadership of the watchdog agency.
The CFPB said it will revamp the Consumer Advisory Board, known as the CAB, in the fall with all new members.
The panel has traditionally played an influential role in advising the CFPB’s leadership on new regulations and policies. But some members, who include prominent consumer advocates, academics and industry executives, began to complain that Mulvaney was ignoring them and making unwise decisions about the agency’s future. [2]

READ THE WHOLE 22 PAGE REPORT HERE

September 2018

Supervisory Highlights
Issue 17, Summer 2018

1. Introduction
The Bureau of Consumer Financial Protection (Bureau) is committed to a consumer financial marketplace that is free, innovative, competitive, and transparent, where the rights of all parties are protected by the rule of law, and where consumers are free to choose the products and services that best fit their individual needs. To effectively accomplish this, the Bureau remains committed to sharing with the public key findings from its supervisory work to help industry limit risks to consumers and comply with Federal consumer financial law.
The findings included in this report cover examinations in the areas of automobile loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and small business lending that were generally completed between December 2017 and May 2018 (unless otherwise stated).
It is important to keep in mind that institutions are subject only to the requirements of relevant laws and regulations. The information contained in Supervisory Highlights is disseminated to help institutions better understand how the Bureau examines institutions for compliance with those requirements. This document does not impose any new or different legal requirements. In addition, the legal violations described in this and previous issues of Supervisory Highlights are based on the particular facts and circumstances reviewed by the Bureau as part of its examinations. A conclusion that a legal violation exists on the facts and circumstances described here may not lead to such a finding under different facts and circumstances.
We invite readers with questions or comments about the findings and legal analysis reported in Supervisory Highlights to contact us at [email protected]

SEPERATE OIG REPORTS CAN BE FOUND HERE

CFPB Issues First Supervision Report Under Mulvaney

Examiners find mortgage, auto-loan servicing violations; document shows continued scrutiny of financial firms during Trump administration

The CFPB released its first supervision and examination report since acting Director Mick Mulvaney took over in November 2017 Photo: Jacquelyn Martin/Associated Press

The Consumer Financial Protection Bureau has in recent months found illegal activities in mortgage and auto-loan servicing and at payday-lending companies, a sign the bureau continues to scrutinize financial companies under the Trump administration.
The CFPB provided an update on its supervision and examination activities in a report released Thursday—the first since acting Director Mick Mulvaney took over in November 2017. [3]

***********************

Additional ADN Articles:

Was CFPB A Money-Laundering ATM with NO OVERSIGHT?
“The CFPB [Consumer Financial Protection Bureau] is far too powerful, with precious little oversight of its activities,” CFPB acting director Mick Mulvaney said in a statement Monday. “The power wielded by the Director of the Bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets.” The CFPB appears tyrannical in that it appears to accumulate “legislative, executive, and judiciary, [powers] in the same hands”. By: BeekmanCrugar

Is the Consumer Financial Protection Bureau MONEY LAUNDERING
Let’s dig deeper into the Consumer Financial Protection Bureau and see WHY certain politicians are desperate to keep it hidden. Let’s review some of CFPB’s financials to see why these politicians are so personally involved.

Consumer Financial Protection Bureau – Another Obama Slush Fund?
Is the real reason behind Senator Elizabeth Warren’s outrage over Mick Mulvaney’s appointment as director of the Consumer Financial Protection Bureau (CFPB) about her own political survival?

SOURCES:

[1]  Lisa Evans Rockwell

[2]  Townhall

[3]  Washington Street Journal

*********************************

Additional OIG Audit Articles:

OIG Audit – SSA (Social Security Administration) and their RAMPANT Fraud, Waste and Theft

OIG Audit – Department of Labor

OIG AUDIT: Amtrak and the MULTIPLE Investigations STILL UNDER WAY

More SWAMP DRAINING at Consumer Financial Protection Bureau (CFPB)

OIG Audit Results That You Never Knew Occurred