How much will the CFPB spend now?
For more than two years, lawmakers in Congress fought over the Consumer Financial Protection Bureau’s structure.
For more than two years, lawmakers in Congress fought over the Consumer Financial Protection Bureau’s structure.
As the congressionally confirmed director of the Consumer Financial Protection Bureau, Richard Cordray no longer needs to win the approval of lawmakers in Congress.
Participating in the Office of Management and Budget’s initiative to publish an agenda of federal regulatory actions, the Consumer Financial Protection Bureau has published its plans for the coming year.
On June 25, the Consumer Financial Protection Bureau released a bulletin informing banks of ways they can favorably affect the ultimate resolution of an enforcement action from the bureau.
In the last two weeks, small banks have seen some accommodation from the Consumer Financial Protection Bureau on mortgage loans.
Since its creation in July 2011, the Consumer Financial Protection Bureau (CFPB) has entered into five public consent orders with financial institutions and, in one case, a service provider, to correct alleged consumer protection violations. While these orders involved some of the biggest institutions in the industry (Capital One, Discover and American Express), there are valuable insights to be gleaned from these orders for both institutions directly monitored by the CFPB and institutions that are examined for consumer protection compliance by their prudential regulators (especially since the Federal Deposit Insurance Corporation (FDIC) joined in two of the orders).
Speaking of picking winners and losers in the private sector, sometimes government officials get to choose someone familiar to be the winner: themselves.
On May 31, the Consumer Financial Protection Bureau added another wave of complaint data to its complaint database, expanding the number of publicly reported complaints to 113,000.
The Consumer Financial Protection Bureau was created as a watchdog. Not just a rulemaking and regulatory agency, it also was chartered to crack down on wrongdoing in financial markets. But, while the bureau has collected penalties from transgressing financial institutions, it never has been responsible for criminal charges.
The Consumer Financial Protection Bureau took another step to coordinate efforts with state regulatory agencies when it signed an agreement with the Conference of State Bank Supervisors on May 21.