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CFPB Releases First Semi-Annual Report

Posted on 1/31/2012

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is testifying this morning before the Senate Banking Committee on the CFPB's first semi-annual report to Congress, which outlines the Bureau's activities during its first six months. The CFPB released the report yesterday.

"[T]he CFPB has taken significant steps to make consumer financial markets work better for consumers and responsible companies," the report said. Those steps include resolving consumer complaints about credit cards and mortgages, launching a supervision program that will promote compliance with consumer protection laws, and evaluating and developing disclosures that make financial products' costs and risks easier to understand.

The CFPB also will issue regulatory proposals under the Dodd-Frank Act to address mortgage origination and servicing practices, including disclosure requirements, loan originator compensation, the report said.

To view the report visit: http://www.consumerfinance.gov/wp-content/uploads/2012/01/Congressional_Report_Jan2012.pdf


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