The paper reviews key actions and decisions that the CFPB has undertaken since it was created, measuring these actions against the agency’s mandate to ensure consumer financial products and services and the markets for those products and services are fair, transparent, and competitive.
The Task Force provides a number of recommendations for the CFPB, Congress, and others to consider adopting. Notable among the recommendations:
- The CFPB should reconsider its practice of including enforcement staff in its supervisory processes, the drawbacks outweighing the benefits
- Experience is showing that the more public consultation in which the CFPB engages in developing policies, the better those policies have been, so the CFPB should seek even greater and more diverse input
- With regards to the CFPB’s Complaint Portal, the Bureau should divide its published complaints between those the accuracy of which it has not been verified and those complaints that it has verified