On July 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) published on its website the written testimony of CFPB Director Richard Cordray before the Senate Committee on Banking, Housing, and Urban Affairs. In his testimony, Mr. Cordray noted that “[n]ext week marks five years since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and four years since the [CFPB] opened its doors.”
Mr. Cordray’s testimony included various statistics from the last five years, including that: the CFPB’s “enforcement activity has resulted in more than $10.1 billion in relief for over 17 million consumers;” its “supervisory actions have resulted in financial institutions providing more than $178 million in redress to over 1.6 million consumers;” and it has “now handled more than 650,000 complaints from consumers addressing all manner of financial products and services.”
Mr. Cordray’s testimony went on to acknowledge the “data-driven” nature of the CFPB, and provided more statistics for the CFPB’s most recent reporting period. The testimony recounts that, in the last reporting period, as reported in the CFPB’s latest semi-annual report to Congress, the CFPB secured orders through enforcement actions for more than $19 million in relief to consumers who fell victim to various violations of consumer financial protection laws, along with over $32 million in civil money penalties.
Per Mr. Cordray, the CFPB looks forward, “[i]n the years to come,” to “continuing to fulfill Congress’s vision of an agency that is dedicated to cultivating a consumer financial marketplace based on transparency, responsible practices, sound innovation, and excellent customer service.”