Agency Returned $4.6 Billion to Wronged Consumers

Flickr user afagen

Marking its third anniversary on Monday, the Consumer Financial Protection Bureau -- still the newest federal agency -- trumpeted its record in standing up for the economic interests of ordinary Americans.

Its accomplishments range from $4.6 billion in restitution to wronged consumers, new rules aimed at reinforcing recovery from the 2008 financial meltdown and an ongoing campaign to play ombudsman and educator for average Americans in money matters.

In a blog post, Assistant Director of the Office of Community Affairs Chris Vaeth stressed the bureau’s mission to “restore trust in the consumer financial marketplace” while making sure consumers are treated fairly while applying for a mortgage, borrowing for college or choosing a credit card.

Since opening in July 2011, the bureau has logged more than 400,000 complaints in multiple languages about credit cards, mortgages, bank services, student loans, credit reporting, debt collection, payday loans, vehicle and other consumer loans and prepaid cards, he noted.

CFPB’s list of completed projects includes:

  • Know Before You Owe, a campaign to make costs and risks of products clearer;
  • Student loan resources for students, families, and high school and college staff;
  • Mortgage resources for homeowners, homebuyers, and housing counselors;
  • Money management guides for caregivers of older Americans;
  • Consumer protection resources for military service members; and
  • A variety of financial education guides.

“With our full set of tools, we’re looking to create a marketplace where costs and risks are clear, and no consumer is harmed by unfair, deceptive, or abusive acts or practices,” Vaeth wrote.

A starkly different view of the bureau continues among Republicans in Congress, who voice their objections to what they view as an absence of oversight opportunities for Congress due to the CFPB’s funding that comes not through an appropriation but through the Federal Reserve.

The majority on the House Financial Services Committee on Monday marked the occasion of the fourth anniversary of President Obama signing the bureau’s enabling legislation, the larger Dodd-Frank Financial Reform Act, by releasing a scathing critique, saying the law hadn’t solved the “too big to fail” problem. 

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
Close [ x ] More from GovExec

Thank you for subscribing to newsletters from
We think these reports might interest you:

  • Sponsored by Brocade

    Best of 2016 Federal Forum eBook

    Earlier this summer, Federal and tech industry leaders convened to talk security, machine learning, network modernization, DevOps, and much more at the 2016 Federal Forum. This eBook includes a useful summary highlighting the best content shared at the 2016 Federal Forum to help agencies modernize their network infrastructure.

  • Sponsored by CDW-G

    GBC Flash Poll Series: Merger & Acquisitions

    Download this GBC Flash Poll to learn more about federal perspectives on the impact of industry consolidation.

  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

  • Sponsored by Aquilent

    A DevOps Roadmap for the Federal Government

    This GBC Report discusses how DevOps is steadily gaining traction among some of government's leading IT developers and agencies.

  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

  • Sponsored by CDW-G

    Joint Enterprise Licensing Agreements

    Read this eBook to learn how defense agencies can achieve savings and efficiencies with an Enterprise Software Agreement.

  • Sponsored by Cloudera

    Government Forum Content Library

    Get all the essential resources needed for effective technology strategies in the federal landscape.


When you download a report, your information may be shared with the underwriters of that document.