The CFPB has issued its tenth Semi-Annual Report to the President and Congress covering the period April 1, 2016 through September 30, 2016.
The 178-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 $14 million in redress to over 339,000 consumers. It also indicates that during that period, the CFPB announced orders in enforcement actions providing for approximately $40 million in total relief for consumers and over $13.7 million in civil money penalties. According to the report, the CFPB had 1,587 employees as of September 17, 2016.
The amounts of consumer redress from supervisory actions, consumer relief from enforcement actions, and civil money penalties are substantially less than the corresponding amounts reported by the CFPB in its last Semi-Annual Report covering the period October 1, 2015 through March 31, 2016. The prior report indicated consumer redress in supervisory actions of more than $44 million, consumer relief in enforcement actions of approximately $82 million, and over $70 million in civil money penalties. (In the CFPB’s Semi-Annual Report covering the period April 1, 2015 through September 30, 2015, the amount of consumer relief in enforcement actions reported was $5.8 billion and the amount of civil money penalties was over $153 million.)