The Consumer Financial Protection Bureau fined Experian $3 million over allegations that the Costa Mesa, Calif.-based firm sold meaningless and inaccurate credit scores.
Employers are avoiding payroll taxes at a growing rate in part because of understaffing at the Internal Revenue Service, according to the IRS’ top watchdog. At the end of 2015, about 1.4 million employers owed a total of $45.6 billion worth of avoided taxes, according to the IRS inspector general.
Joseph Otting, a former associate of Treasury Secretary Steven Mnuchin at OneWest Bank, is said to be in line to fill the top post at the Office of the Comptroller of the Currency. President Donald Trump also is eyeing Thomas Vartanian to join the Federal Reserve Board of Governors and serve as the Fed’s vice chair for supervision.
Credit card applications at Wells Fargo & Co. fell 55 percent in February compared to the same month in 2016, and new checking accounts were down 43 percent during that period.
The Justice Department switched its position on the constitutionality of the Consumer Financial Protection Bureau’s director position. Instead of taking the Obama-era position that the president should only be able to fire the bureau’s director for cause, the Trump administration is now saying the CFPB’s structure should be declared unconstitutional.
Senate Majority Leader Mitch McConnell (R-Ky.) said it is unlikely that Congress will pass a tax reform bill before the August recess. Senate GOP taxwriters are considering a tax proposal of their own that does not include the controversial border-adjustable tax on imports found in the House GOP’s blueprint.
The Financial Industry Regulatory Authority spent $670,000 on lobbying efforts last year, a decrease of $150,000 compared with 2015 and its lowest amount in four years.
President Donald Trump’s budget calls for a $239 million funding cut for the Internal Revenue Service, despite worries that reductions could diminish federal revenues by hampering the agency’s ability to go after tax evaders. The overall spending proposal would reduce the Treasury Department’s budget by 4 percent.
President Donald Trump plans to nominate J. Christopher Giancarlo as chairman of the Commodity Futures Trading Commission, which Giancarlo currently leads on an interim basis. Trump also announced plans to nominate Goldman Sachs Group partner Jim Donovan to serve as deputy treasury secretary.
Federal Deposit Insurance Corp. Vice Chairman Tom Hoenig said large financial services companies should split off their riskiest operations into individual, well-capitalized holding companies. He framed the idea as an alternative to the types of regulations in the 2010 Dodd-Frank Act.