The CFPB Ombudsman has published the 2014 Annual Report to the Director. The report identifies two systemic issues it considered in 2014: what information the CFPB shares with consumers about CFPB public actions, and through what channels financial entities and trade groups connect with the CFPB to share about industry developments and how that information is shared within the CFPB.
The report provides an update on concerns considered in 2012 and 2013, including: the challenge of keeping up-to-date with CFPB activity; the amount of lead time provided when announcing CFPB public events; and a lack of clarity with the process to request a CFPB speaker. The Ombudsman also reports that it considers its 2013 inquiry into industry concerns about the examination process closed because the Division of Supervision, Enforcement, and Fair Lending (SEFL) adopted all of the Ombudsman’s recommendations.
Finally, the report introduces a new section entitled, The Ombudsman in Practice, which describes how the Ombudsman provides assistance, highlights issues identified by consumer groups, trade groups, or individuals and then outlines specific examples where the Ombudsman provided assistance.
Read the CFPB release.
Read the report from the CFPB Ombudsman.