CFPB pursues first lawsuit of Mulvaney era

Source: James Rufus Koren, Los Angeles Times (Paid Registration)

The Consumer Financial Protection Bureau is accusing an Irvine company of targeting pensioners with high-cost deceptive loans.

The case filed in federal court in Santa Ana might not in recent years have garnered much attention, but these days the mere filing of a lawsuit by the agency is noteworthy. For consumer advocates, the legal action is a stark reminder of how much less active and aggressive the bureau has become under Mulvaney, who signaled on taking the job that the bureau would only pursue cases against the most egregious offenders. In a January memo, Mulvaney said the bureau works for financial firms as much as for consumers and that it should not “push the envelope.”

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