The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016.
The 188-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 $44 million in redress to over 177,000 consumers. It also indicates that during that period, the CFPB announced orders in enforcement actions providing for approximately $200 million in total relief for consumers and over $70 million in civil money penalties. (While the report’s executive summary states that orders in enforcement actions announced during the six-month period covered by the report totaled approximately $200 million, Director Cordray’s opening message indicates that such orders totaled approximately $82 million in consumer relief.) According to the report, the CFPB had 1,536 employees as of March 31, 2016.
Even assuming the amount of consumer relief announced by the CFPB in the six-month period covered by the new report was $200 million rather than $82 million, that amount would still be substantially less than the $5.8 billion in consumer relief reported by the CFPB in its last Semi-Annual Report covering the period April 1, 2015 through September 30, 2015.
Consistent with past practice, we expect the House Financial Services and Senate Banking Committees to schedule hearings on the report at which Director Cordray will be questioned.