The National Law Journal has an analysis of the Consumer Financial Protection Bureau as it hits the three-year mark. Among the highlights:
Agency lawyers filed at least 20 enforcement actions in the past year (compared with two in the CFPB’s first year), racking up a series of major settlements. Among them: Bank of America in April agreed to pay consumers $727 million for deceptively marketing credit card add-on services, and Chase Bank USA, N.A. and JPMorgan Chase Bank settled similar charges in September for $309 million. Working with other federal and state regulators, the CFPB in June compelled SunTrust Mortgage Inc. to pay $540 million in relief to homeowners for servicing wrongs.
In all, the CFPB in its first three years has helped refund more than $3.8 billion to consumers, [director Richard] Cordray told the Senate Committee on Banking, Housing and Urban Affairs last month.