The CFPB presented its semi-annual report before Congress on Thursday, detailing efforts by the agency to improve market dynamics and ensure the protection of consumers.
The agency began supervision of debt collectors earlier this year and expanded its supervision program to include large credit reporting agencies, which were previously unsupervised. The CFPB also began taking complaints related to credit reporting issues, allowing the agency to ensure that companies are following federal consumer laws.
During the second half of last year, the CFPB also began to address issues in the private student loan market. The agency recommended underwriting reforms to policymakers.
The CFPB’s report detailed the agency’s first enforcement actions against credit card companies found to be deceptive and misleading. The CFPB secured $425 million in relief for six million consumers and imposed penalties on the companies to discourage future violations.
Additionally, the CFPB report noted its new mortgage rules that ban irresponsible lending practices and its ability-to-repay rule, which requires lenders to examine a potential borrower’s ability to repay their debt. The agency has also initiated outreach efforts for service members, older Americans and students to help guide its efforts.
“Each day, we take another step in pursuit of our vision to create a consumer financial marketplace where customers can see prices and risks up front and easily make product comparisons; in which no one can build a business model around unlawful practices; and that works well for individual consumers, responsible businesses and the economy as a whole,” CFPB Director Richard Cordray said.