The CFPB has issued its eighth Semi-Annual Report to the President and Congress covering the period from April 1, 2015 through September 30, 2015.
The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, which we have 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 $95 million in redress to over 177,000 consumers. It also indicates that during that period, the CFPB obtained orders in enforcement actions providing for approximately $5.8 billion in total relief for consumers and over $153 million in civil money penalties.
The $5.8 billion in consumer relief obtained by the CFPB appears to represent an all-time high. By way of comparison, in its last Semi-Annual Report covering the period October 1, 2014 through March 31, 2015, the CFPB reported that during that period, it obtained orders in enforcement actions providing more than $19 million in consumer relief.
We expect the issuance of the new report to be followed by the scheduling of hearings on the report by the House Financial Services and Senate Banking Committees at which Director Cordray will appear as a witness.