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Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee. Photographer: Andrew Harrer/BloombergSome 113 congressional Republicans are lending their support to the Trump Administration’s effort to keep Mick Mulvaney as acting CFPB director, arguing in federal court that a challenge to the appointment is based on a misreading of federal law.
The 113, led by House Financial Services Chairman Jeb Hensarling (R-Texas) and Senate Banking Chairman Mike Crapo (R-Id.), contend that CFPB Deputy Director Leandra English’s argument that she should be acting director “threatens Congress’s prerogatives by upsetting the Constitution’s finely calibrated balance between the President’s appointment power and Congress’s role in that process.”
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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