After announcing a new group arbitration rule aimed at taking down predatory bank practices, reports soon flooded in that Republicans have started to try and reverse the order before it's even enacted. Shocker.
This is nothing new for the Consumer Financial Protection Bureau, who's been in the sights of Trump's administration since early on. As Trump has continually put Dodd-Frank under scrutiny, he has threatened to repeal the entire act, which would include shutting down the CFPB as well.
None of this news has seemingly effected the CFPB however, who has just put out a report titled "Six Years Serving You", an outline of all the work they've done since their inception in 2010 as a defensive maneuver to counteract bad corporate fiscal pratices that were the direct cause of the Recession.
The report goes over all the money they've returned to consumers, complaints and transactions they've handled and won, as well as some other key stats. See the numbers below, or take a look at their factsheet here.
Over the past six years the CFPB has:
-Provided $11.9BN in total relief to consumers; $3.6BN in monetary compensation, $7.7BN in reductions and cancelled debts, and $398MN in relief to supervisory (the result of rules and orders) relief.
–29MN consumers have received relief from the CFPB's actions.
–$600MN recovered in civil monetary penalities.
–1.24MN complaints made by consumers and dealt with by the CFPB. (as of July 1, 2017)
–13MN visitors to the 'Ask CFPB' page, which outlines and answers the basics of personal finance like loans, bank services, credit reports, student loans and more.
–10.5MN mortgages closed on after consumers received CFPB disclosures and FAQs.
–147 Banks and credit unions under CFPB authority. (as of April 1, 2017)
–3270 Colleges enforcing the CFPB/ Dept of Education 'Financial Aid Shopping Sheet' of rules.
–63 Times the CFPB officials have testified in front of Congress
–41 Cities where CFPB has held public hearings and meetings.
What do you think of the CFPB? Let us know in the comments!
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