The CFBP released its first semiannual report to Congress outlining the agency’s activities during its first six months including; attempts to resolving consumer credit card and mortgage complaints; launching a supervision program to promote compliance with consumer protection laws; and evaluating and developing new financial product disclosures.
According to the report CFPB has hired more than 750 employees and has fielded 13,210 consumer complaints, of which 55% have been resolved. The report explained in the future the CFPB will propose a number of Dodd-Frank Act mandated regulations involving mortgages.
CFPB Director Cordray will testify on the report today during a Senate Banking Committee hearing at 10 a.m..
Read the CFPB report.
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