The CFPB seeks legislation to establish a reward program for whistleblowers, who could be tipped up to $10 million for providing original information that leads to a successful enforcement action.
Low staff levels make it difficult for the CFPB to conduct follow-up monitoring of previous enforcement actions, according to the bureau’s Office of Inspector General.
The Sword of Damocles hung over his head during his last year at the helm of the bureau, former CFPB Director Richard Cordray disclosed in his new book.
Though it believes the CFPB’s leadership structure is unconstitutional, the Department of Justice in a new reply brief urged the Supreme Court to preserve the bureau for its “critical work.”
The CFPB’s latest supervisory highlight report red flags mortgage servicing violations, where firms failed to provide loss-mitigation notices in time after natural disasters.