Republican members of Congress filed an amicus brief supporting President Donald Trump and Acting CFPB Director Mick Mulvaney in a lawsuit challenging the President's appointment of Mr. Mulvaney as acting head of the CFPB.
Senators questioned whether the Consumer Financial Protection Bureau investigation into the Equifax data breach has been halted. The letter comes in response to a recent report suggesting Acting Director Mulvaney relaxed the investigation.
President Trump tweeted that "fines and penalties against Wells Fargo Bank . . . will be pursued and, if anything, substantially increased" in connection with alleged improper mortgage lending practices.
House Financial Services Committee Chair Jeb Hensarling (R-TX) expressed concern that Consumer Financial Protection Bureau Director Richard Cordray's political ambitions are impacting his actions as head of the Bureau.
The Democratic staff of the House Financial Services Committee, citing Republican efforts to repeal the Consumer Financial Protection Bureau arbitration rule, criticized efforts to "functionally terminate" the agency.
House Financial Services Committee Chair Jeb Hensarling and Representative Roger Williams said the Financial CHOICE Act would rein in the CFPB, toughen penalties for financial fraud and remake the CFPB as the "cop on the beat."
Financial Services Committee Chair Jeb Hensarling circulated a "Views and Estimates" document for markup. Once adopted, the document will be transmitted to the Budget Committee "to be set forth in the concurrent resolution on the budget for fiscal year 2018."
Treasury Secretary Jacob Lew testified that "the financial system [is] safer, more resilient, and supportive of long-term economic growth" as a result of the creation of the Financial Stability Oversight Council.
The House Financial Services Committee launched an investigation into the alleged opening of unauthorized accounts by a major financial institution. The Committee will review the roles of the CFPB and the OCC in overseeing this conduct.
Senators Sherrod Brown (D-OH) and Jeff Merkley (D-OR) urged the heads of numerous federal regulatory agencies to provide insight about the tools they utilize to ensure effective oversight over financial technology firms.