The report is basically the CFPB’s own overview of its performance, describing the agency’s efforts to “(make) consumer financial markets work better for the American people, and (help) them improve their financial lives,” Cordray wrote in an introduction to the report.
According to Cordray, the CFPB has “aided in efforts to refund more than $867 million for consumers who fell victim to various violations of consumer financial protection laws, and we have deposited over $119 million into our Civil Penalty Fund, which is used to compensate wronged consumers and provide financial education.”
The report also highlights last year’s enforcement action against Ocwen, which the CFPB accused of “misconduct at every stage of the mortgage servicing process.” The action required the servicer to provide $2 billion in principal reduction for underwater borrowers.
Cordray will present the report to the Senate Banking Committee Tuesday at 10 a.m. EST. The hearing will be webcast live. For more information, visit http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=6ef4e74a-2eee-4b69-a978-9e821fd3c599
The director of the Consumer Financial Protection Agency will testify before the Senate Banking Committee Tuesday on the CFPB’s semi-annual report to Congress.