Today, the Consumer Financial Protection Bureau (CFPB) released their Semi-Annual Report highlighting the Bureau’s work in the first half of 2012. One year ago, the CFPB became the nation’s first federal agency solely focused on protecting Americans in the consumer financial products and services marketplace.
“Consumers deserve to be treated fairly, and to have someone stand on their side when they are not,” said CFPB Director Richard Cordray. “The CFPB has used the tools at our disposal for the benefit of consumers in the past year, and we pledge to continue to do so as we work to promote a transparent, fair, and competitive consumer financial marketplace.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act created the CFPB not only to protect consumers but also to help provide consistent enforcement of federal consumer financial laws.
Today’s report covers the Bureau’s actions from January 1, 2012 through June 30, 2012. It showcases how the Bureau has used its multiple authorities, including regulation, supervision, enforcement, market research, financial education, and the authority to deal directly with consumer complaints regarding consumer financial products and services.