CFPB not 'one-sided', CFPB claims

by Adam Smith03 Apr 2014
A CFPB official has claimed the regulator is not "one-sided" in its approach to the mortgage industry.

CFPB deputy director Steve Antonakes has told a meeting of the Consumer Bankers Association that the financial watchdog is not looking to "maximize consumer protection or industry deterrence at all costs".

"There is such a thing as doing too little, and there is such a thing as doing too much. We are aiming instead at doing justice," he said.

Instead, Antonakes has claimed the CFPB will take each case on its own merits.

"On the facts of each matter, we are focused on getting things right, as far as we can manage to do so, which is why we have closed several enforcement investigations to date with no finding of a legal violation," Antonakes said.

Antonakes said the group would seek to incentivize conduct leading to greater levels of compliance, rather than merely monitoring and identifying violations. He argued that the CFPB would take into account "proactive compliance efforts" as part of its responsible conduct policy.

"We can and will consider such conduct within our discretion in deciding whether a particular matter justifies a public enforcement action and assessing what level of civil penalties should be levied. In fact, we have relied on this approach in several matters already."

COMMENTS

  • by CmplyGuy | 4/3/2014 11:44:41 AM

    CFPB is sole duty by law, is consumer protection. There is no definition of "justice" in Steve's comments nor the law mandating the CFPB's existence.

    His own quote from the article supports my statement, "We can and will consider such conduct within our discretion in deciding whether a particular matter justifies a public enforcement action and assessing what level of civil penalties should be levied.

    Simplified, the CFPB is the sole decider of what is "justice".

  • by Frank Hudacek | 4/3/2014 11:57:10 AM

    This statement and stance is a joke.

  • by John Deleva | 4/3/2014 12:08:35 PM

    Justice will be served when the CFPB is reeled in, reformatted and accountable to the legislative process. I am no fan of Congress but at least we can send them home when they fail to serve the best interest of the people.

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