Banking and Finance Law Daily One decade later, CFPB touts $14.4 billion in consumer relief
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Thursday, July 22, 2021

One decade later, CFPB touts $14.4 billion in consumer relief

By Jacob Bielanski

In remarks at an event marking the CFPB’s tenth anniversary, the Bureau also touted 3 million complaints handled and 7 million visitors to its COVID-focused online resources.

The Consumer Financial Protection Bureau marked its tenth anniversary of operation on July 21, with comments by its acting director at an event hosted by the Americans for Financial Reform (AFR) touting the consumer financial watchdog’s achievements in the last decade—including $14.4 billion obtained in consumer relief. "Consumer rights are mere abstractions until they are enforced, and the CFPB’s supervision and enforcement efforts have had a tremendous impact on the marketplace, ensuring that companies live up to their obligations to consumers or face appropriate consequences," CFPB Acting Director Dave Uejio said in remarks prepared for the AFR event.

Other highlights noted by the Bureau included $1.7 billion imposed in civil penalties, over three million complaints "handled," and milestones relating specifically to the Bureau’s COVID-19 responses. During the pandemic, the CFPB said its COVID-related content was accessed by over 7 million visitors.

CBA comments. The decennial was also separately acknowledged through critique by the Consumer Bankers Association (CBA). Though it has supported certain parts of the CFPB mission, the CBA said in a statement that those goals were undermined by what it called an "inconsistent" rulemaking process and a "flawed" leadership structure. It reiterated calls for Congress to replace the current leadership structure with a Senate-confirmed, five-member panel instead, in order to counter what it called an "enormous" influence that is "accountable to no one."

"If the last 10 years have taught us anything, now more than ever, it’s time to stop the pendulum from swinging," CBA President and CEO Richard Hunt was quoted as saying in the press release.

Senators Warren, Waters. In addition to thanking the AFR for its own efforts and for hosting the event, Uejio also thanked Sen. Elizabeth Warren (D-Mass) and Rep. Maxine Waters (D-Calif), Chairwoman of the House Financial Services Committee, who were both in attendance at the AFR event. Though not a senator at the time, Warren was instrumental in the creation of the CFPB, authorized under the Dodd-Frank Consumer Protections and Wall Street Reform Act following the 2008-09 financial crisis. "Your combined vision and support gave rise to the CFPB and has allowed it to fulfill its mission for the past 10 years," Uejio said. "Without you, the CFPB would not exist."

Companies: Americans for Financial Reform; Consumer Bankers Association

MainStory: TopStory CFPB CommunityDevelopment Covid19 DoddFrankAct GCNNews

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