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Wednesday, March 16, 2016

CFPB Semi-Annual Report

In the six months covered by the most recent report, the CFPB’s supervisory actions resulted in financial institutions providing more than $95 million in redress to over 177,000 consumers, according to CFPB director Richard Cordray’s recently prepared remarks to the House Committee on Financial Services. In that time frame the Bureau also announced orders through enforcement actions for approximately $5.8 billion in total relief for consumers who experienced violations of consumer financial protection laws, along with $153 million in civil money penalties.

The CFPB continues to grow, reaching 1,486 employees as of September 30, 2015. The Bureau has continued to improve the capabilities of its Office of Consumer Response to receive, process and facilitate responses to consumer complaints, Cordray said. As of September 30, 2015, the Consumer Complaint Database had over 465,000 complaints from consumers about financial products and services.

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