Compared to fiscal year 2020, complaint investigations have returned to and even improved previous processing times. But the number of complaints appears to be reversing a general downward trend.
The CFPB has issued a detailed process for submission of rulemaking petitions by members of the public. The move is aimed at increasing transparency and curtailing lobbying by former government employees.
Auto lending practices under scrutiny; fair lending testing bill; CBA wants CFPB to examine small fintechs; court grants interlocutory review of NCSLT-CFPB decision; EFTA compliance bulletin; interagency letter on unmet credit needs; comment on FTC settlement; PSLF waivers.
Earned wage access advisory opinion; civil penalty maximum adjusted; CFPB examining college-offered loans; final order in payments processor case; Bank of America class-action settlement.
But acquiring that talent is going to be an enormous challenge for the bureau given that it cannot compete with compensation levels in the private sector.
The Government Accountability Office said the CFPB’s fiscal 2020 and fiscal 2021 financial statements were in accordance with generally accepted accounting principles.