CFPB Submits Annual Report To Appropriations Committees

CFPB U.S. Senate U.S. House

On December 30, the CFPB released an annual report reviewing consumer financial protection activities undertaken by the Bureau during the last fiscal year. The report was presented to the Committees on Appropriations of the U.S. Senate and House of Representatives pursuant to section 1017(e)(4) of the Dodd-Frank Act and covers August 1, 2012 through September 30, 2013. While it does not identify any planned activities, the report reviews the Bureau’s enforcement and fair lending activities to date, and explains the Bureau’s risk-based prioritization process for addressing lending discrimination and allocating enforcement resources. The report also describes the Bureau’s supervisory process, including procedures for conducting examinations and investigations, as well as its complaint process.  Finally, the report reviews the proposed and final rules issued to date and provides, as well as administrative issues such as the agency’s spending and organization.