Just as the CFPB is ramping up efforts to crack down on debt collections, the Wall Street Journal, reports the agency is being accused by a former intern of aggressively trying to collect a debt she doesn’t owe. Jeannette Crawford, who served as a research intern for the agency last summer, received two extra $1,200 paycheck […]
How much does a CFPB training meeting cost taxpayers? Nearly $400,000 according to a new Washington Free Beacon report. For its 5-day conference to be held in July, the CFPB will book up to 475 hotel rooms for a total of 1975 nights and a cost of $329,835. When you add in meals, conference rooms, […]
When the CFPB extracts a financial settlement from companies accused of financial wrongdoing, generally that money is supposed to be paid to the “victims” of that company’s practices. But it’s been more than a year since Ally Financial paid $80 million in damages to the agency for alleged discrimination in lending and not a single […]
In an op-ed published today in the Detroit News, George Washington University School of Business professor Jeffrey H. Joseph made the case that the CFPB is just another bloated federal bureaucracy that deserves close scrutiny from the 114th Congress. Joseph said that the CFPB has fallen victim to “mission creep,” pointing to the CFPB’s attempt […]
The results from the CFPB’s annual employee survey are in and a rising number of employees feel their work performance isn’t adequately recognized. 43.6% of employees who responded to the survey feel that in their work unit, “differences in performances” are not “recognized in a meaningful way.” That’s up from 30% last year. Similarly, 42.6% disagree that […]
One of the CFPB’s key goals is to punish companies that discriminate against minorities when offering financial services. Recently, the CFPB has targeted auto dealers, claiming that the auto financing rates and options offered to African American customers were more costly than those offered to white customers. Discriminatory lending is clearly against the law, but it’s […]
An audit of the CFPB made public yesterday by the Office of Inspector General (OIG) of the determined that “Improvements are needed in four high-priority security risk areas” in order to be properly protect its massive amounts of consumer private data. The four areas that do not meet the Federal Information Security Management Act of 2002 […]
The CFPB has made no secret of its plan to write new rules restricting the payday lending industry. A number of the agency’s key staff came from activist groups like the Center for Responsible Lending, that have long pushed to end payday lending and other short-term loan services. But one radical activist group has taken their […]
Like other federal agencies, the CFPB has to comply with the Freedom of Information Act (FOIA) by turning over documents and emails when requested by a member of the public. But at least one senor CFPB executive sought to prevent the public release of certain agency communications. A report from the Washington Examiner found that the CFPB’s […]
For an agency dedicated to fiscal responsibility, the CFPB has a chronic over-spending problem. A new report from the agency’s Inspector General reports that renovations to the agency’s headquarters have ballooned to more than $215 million, $120 million more than the original estimate. Not only did the Inspector General find the CFPB was overspending, but the […]