Feb 1, 2018

Trump administration shrinks CFPB's oversight in discrimination cases

CFPB Acting Director Mick Mulvaney. Photo: Alex Wong / Getty Images

The Consumer Financial Protection Bureau will no longer have enforcement powers when pursuing anti-discrimination cases made against financial firms, the Washington Post reports. The CFPB's Office of Fair Lending and Equal Opportunity — which once penalized lenders for systematically charging minority consumers higher interest rates than white consumers — will only have an advocacy and education role moving forward.

The backdrop: This switch comes two months after White House budget chief Mick Mulvaney took over as acting director of the CFPB, an agency established under Obama and criticized by Republicans. Prior to assuming the role, Mulvaney had called the CFPB a "sick, sad joke."

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Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.