CFPB issues seventh Semi-Annual Report
The CFPB has issued its seventh Semi-Annual Are accountable to obama and Congress since the period from October 1, 2014 through March 31, 2015.
The 190-page report recycles information from formerly-issued CFPB reports and reviews ongoing and past developments, which we’ve already covered in the past blogs.
By means of aggregate statistics, the report signifies that within the six-month period it covers, CFPB supervisory actions led to banking institutions supplying greater than $114 million in redress to in excess of 700,000 consumers. Also in that period, the CFPB acquired orders in enforcement actions requiring payment in excess of $19 million in relief to consumers and also over $32 million in civil money penalties.
Because they did regarding the previous semi-annual reports, we predict the home Financial Services and Senate Banking Committees to carry proceedings around the latest report where Director Cordray can look like a witness. So that as they also have done formerly, we predict lawmakers to try to illicit more details from Director Cordray concerning the CFPB’s activities and rulemaking plans than is supplied within the report.