Though the Consumer Financial Protection Bureau just got its first director, its 752 staff members far outnumber the Federal Housing Administration's 300 reverse mortgage lenders.
Just one year ago, the CFPB was without leadership or authority. With President Obama's nomination of Richard Cordray to the position of director, however, the agency is now running at full steam. Close to 400 staff members of the CFPB are devoted entirely to oversight, equality and enforcement, ReverseMortgageDaily reports.
In contrast, the number of FHA-approved reverse mortgage lenders has steadily declined from 1000 in January 2010 to less than 300 at the beginning of 2012.
The Dodd-Frank Act of 2010 established the CFPB as a consumer watchdog agency responsible for regulating consumer protection. More than 3,500 new regulations have emerged from Dodd-Frank, with close to 5,000 still in the process, according to ReverseMortgageDaily.
The CFPB has vowed to pay close attention to senior finances, particularly protecting seniors' homes. It has also announced that within a year, according to Dodd-Frank requirements, the bureau will conduct a reverse mortgage survey, the outcome of which could have an impact on future regulations.
Cordray has previously noted efforts to enhance the agency's effectiveness, citing a versatile staff as a key component in the CFPB's future successes.