The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015.
The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, all of which we have already covered in previous blog posts.
By way of aggregate statistics, the report indicates that in the six-month period it covers, CFPB supervisory actions resulted in financial institutions providing more than $114 million in redress to over 700,000 consumers. Also during that period, the CFPB obtained orders in enforcement actions providing more than $19 million in relief to consumers and over $32 million in civil money penalties.
As they have done in connection with previous semi-annual reports, we expect the House Financial Services and Senate Banking Committees to hold hearings on the latest report at which Director Cordray will appear as a witness. And as they have also done previously, we expect lawmakers to attempt to elicit more information from Director Cordray about the CFPB’s activities and rulemaking plans than what is provided in the report.