In its semi-annual report released this week, the Consumer Financial Protection Bureau (CFPB) showcased several of the activities in which it has been engaged since the start of 2012. According to a press release from the bureau, highlighted activities, accomplishments and achievements include:
- Consumer Engagement: The CFPB regularly requests input from consumers to help guide its policies for regulation and enforcement. The bureau also “helps resolve consumer disputes with lenders by taking complaints through its website and by telephone, mail, fax, and by referral from other agencies.”
- Financial Education: The CFPB has designed a number of tools and resources, including a public database of complaints the bureau has received about financial products, to help consumers “make responsible financial decisions.”
- Regulation: The bureau has taken a number of steps to reform the mortgage market, including writing rules that help consumers make informed decisions, simplifying mortgage disclosure forms, and bringing “greater transparency and accountability to mortgage servicing.”
- Research: The CFPB has been conducting “in-depth studies on consumer financial products, such as reverse mortgages and private student loans,” and has issued numerous Requests for Information to gather input from consumers and industry participants on a range of pertinent issues.
- Supervision: The bureau has been expanding its supervisory authority beyond larger banks and credit unions to include certain nonbank entities that have “never before been federally supervised.” This includes residential mortgage companies, payday lenders and private education lenders.
- Enforcement: A recent CFPB investigation led to enforcement action against Capital One, including $140 million that will be returned to customers who were “wronged by the company.”