The Consumer Financial Protection Bureau released its semi-annual report on May 28. The report covers the CFPB’s activities from October 2013 through March 2014.
“Congress created the CFPB to stand on the side of consumers and ensure they are treated fairly in the financial marketplace,” the bureau wrote on its website. “Since we opened our doors, we’ve been focused on making consumer financial markets work better for the American people, and helping them improve their financial lives. In our fifth semi-annual report, we describe our efforts to achieve this vital mission.”
The report reviews the bureaus supervisory, enforcement and regulatory activities, as well as its budget and consumer outreach efforts.
“Through fair rules, consistent oversight, appropriate enforcement of the law and broad-based consumer engagement, we’re helping restore American families’ trust in consumer financial markets, protect consumers from improper conduct, and ensure access to fair, competitive and transparent markets,” the agency said. “In the years to come, we look forward to continuing to fulfill Congress’s vision of an agency dedicated to cultivating a consumer financial marketplace based on transparency, responsible practices, sound innovation and excellent customer service.”
The report provides an overview of how the CFPB handles consumer complaints, and explains that responses from the consumers and companies regarding the grievances helps to prioritize complaints for investigation.
Between April 1, 2013, and March 31, 2014, the CFPB received 192,200 consumer complaints, of which 55,200 were regarding mortgages.
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