Weekly Topic Update (Jan 7 to Jan 13)

Critics: CFPB direction will see businesses receive more protection than consumers

01/05/2018

Supporters of the CFPB are critical about the direction of the agency under the Trump Administration, worrying it will become more protective of businesses than consumers. Melissa Stegman, senior policy counsel at the Center for Responsible Lending, contends that acting director Mick Mulvaney was illegally appointed. She points to the change in the agency’s mission statement since Mulvaney took over, saying it echoes the administration’s vision to dismantle financial regulations to aid businesses, and will potentially put the consumer at risk.
Related:
Does regulation kill off business profits, as Trump claims? Not at all

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Source: Consumer Affairs

Upcoming Dates

CFPB | Deposits | Lending | Commercial Lending | Rule | 11/17/2017

FRS | Lending | Mortgage Lending | Rule | 12/22/2017

Trending News

01/05/2018

Digital currency transfers for property in U.S. may heighten money laundering

MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News

The growth of bitcoin and other digital currencies prone to anonymity may allow for illicit funds to flow into the U.S. via the real estate industry.

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01/05/2018

Racer gets 16 years for $2B payday fraud

Law360 (sub. req.) • Lending • Industry News

Racer Scott Tucker was sentenced to 16 years’ prison time for a $2-billion payday loan fraud. The trial judge rejected Tucker’s claim that “tribal sovereignty” made his business legal. Meanwhile, his lawyer was handed a non-prison sentence of seven years.

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01/04/2018

Western Union fined $60M by N.Y. regulator for allowing flagged payments

Law 360 (sub. req.) • AML BSA CTF • Industry News

Western Union was hit with a $60-million fine by New York’s financial regulator for allowing more than one million transactions that were red flags for money laundering, including payments that could have aided human traffickers.

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