According to a recent financial statement issued by the Federal Reserve, spending by the Consumer Financial Protection Bureau rose by nearly half, to $563 million in 2013 from $385 million in 2012.
On February 12, the U.S. Chamber of Commerce sent a letter to CFPB Director Richard Cordray outlining three specific areas in which the Chamber is “seriously concerned that the bureau is not working toward clear, evenly applied, economically sound standards.”
Last month, CFPB Director Richard Cordray came under sharp questioning at a House Financial Services Committee hearing by Chairman Jeb Hensarling (R-TX).
On January 15, a federal district court in California rejected a constitutional challenge to the CFPB.
The Wall Street Journal recently reported that the Consumer Financial Protection Bureau has expanded an earlier probe into for-profit colleges.
Last month, the CFPB delivered preliminary results of a study into the use of arbitration clauses in consumer products.
On December 16th, the Office of Inspector General issued a report critical of the CFPB’s policy of regularly sending enforcement attorneys to participate in meetings with the entities under their oversight.
Last November, the Consumer Financial Protection Bureau issued a long-anticipated new rule standardizing two mortgage forms.
The Consumer Financial Protection Bureau last month announced a $2.1 billion settlement agreement with Ocwen Financial Corporation, the fourth-largest U.S. mortgage servicer and the largest that is not a bank.
The Consumer Financial Protection Bureau, in conjunction with the Department of Justice, recently issued an order to Ally Financial, Inc., and Ally Bank to pay $80 million in damages to auto loan consumers who were harmed by discriminatory policies on auto loan applications.