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Financial Services Law Insights and Observations

CFPB marks 10th anniversary

Federal Issues CFPB Consumer Finance Covid-19 Enforcement

Federal Issues

On July 21, the CFPB marked its 10 year anniversary. Prepared remarks published by acting Director Dave Uejio highlighted Bureau activities taken over the past decade in consumer empowerment and racial equity, as well as recent actions in response to the Covid-19 pandemic. With respect to enforcement, Uejio noted that since 2011, the Bureau’s work has led to approximately $14.4 billion in consumer relief and $1.7 billion in civil penalties. According to a Bureau blog post, during this time period more than 183 million consumers and consumer accounts have received economic redress and consumers have filed more than 3 million complaints. Additionally, over 7 million consumers have accessed the Bureau’s Covid-19 educational materials. “In the decade to come, we will continue to use all the tools at our disposal to empower American consumers and work to ensure the financial markets they interact with are fair, transparent, and competitive,” Uejio wrote.

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