America's Top Consumer Cop Reports to Congress
The Consumer Financial Protection Bureau (CFPB), the nation’s first federal agency to focus solely on consumer financial issues, reached an important milestone. The agency’s first report to Congress was delivered to the U.S. Senate Banking Committee on January 31 by its recently-appointed Director, Richard Cordray.
Speaking to the committee, Cordray said in part, “We plan to use all of the tools available to us to ensure that everyone respects and follows the rules of the road. Where we can cooperate with financial institutions to do that, we will; when necessary, however, we will not hesitate to use enforcement actions to right a wrong.”
After opening for business on July 21 of last year, CFPB has had a busy six months of operations. Beyond staffing its headquarters in Washington, regional offices in San Francisco, Chicago and New York City are also operating. CFPB has also testified before Congress 12 times, held town hall meetings and its first public hearing.
Additionally, in its first six months CFPB has received over 13,000 consumer complaints, established a whistleblower hotline, launched initiatives and established partnerships with key constituencies such as the military, older consumers and more.
Twice a year, CFPB is required under the Dodd-Frank Act to report on developments in enforcement, supervision, rulemaking and more. Future reports will cover six-month increments and are expected to be released every January and July.
Read the report to learn more about how CFPB is serving American consumers.
Published: January 31, 2012