CFPB Shows “Rapid” Growth in Staff, Consumer Complaints

Since its launch, the Consumer Financial Protection Bureau has grow—rapidly, according to an analyst report released by Compass Point Trading. Not only in the number of people it employs, but also in the amount of monetary relief it has called for, writes Isaac Boltansky as reported in Politico

Boltansky writes:

After reviewing the report, we have three takeaways: Rapid Growth in Number of Employees: From Q1 2011 to Q3 2012, the number of positions filled at the CFPB increased from 58 to 889 … The CFPB’s Consumer Complaints System Must be Watched: Between July 21, 2011 and June 30, 2012, the CFPB received over 44,000 consumer complaints that it then forwarded to the pertinent companies. Of that total, 26% of the complaints resulted in monetary relief for the consumer. We estimate that the CFPB complaint system has already resulted in $2.1 million of monetary relief.

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View the original clip in Politico. 

Written by Elizabeth Ecker

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  • Anyone who wishes to communicate with the CFPB must use the “Consumer Complaint” tool.  It is safe to assume that many of the “complaints” were/are from industry participants  trying to providie input.

    • hecmvet,

      It is by the sheer volume of complaints and number of employees that the CFPB justifies its own existence.  So there is little doubt that any original correspondence with the CFPB would be titled anything other than consumer complaints.

      After all these bureaucrats work for a Bureau.  Was that a note of sarcasm from former Senator Chris Dodd or a knock against the idea which Cherokee Indian leader, Dr. Elizabeth Warren was promoting?

      I hope the networks televise the Cherokee “endorsement hearings” that so many of the Cherokee nation want Dr. Warren to attend.    

  •  Seriously?  It only costs EIGHTEEN times as much to run the Agency as the total BENEFIT it provides economically?  How can anyone wonder why more City and States in or near bankruptcy has steadily risen over the last four years. Perhaps if we prioritized math in school,  Bob would know that if he kept spending four oranges while only harvesting two-borrowing the other two from Mr. Lee, a foreign investor, before long he would be bankrupt and Mr. Lee would own the orchard.  Oh silly me, I forgot.  The US Government will step in with some version of TARP funds because why should Bill be any more accountable than they are after all and a little more added to the deficit to help one of our citizens won’;t hurt too much-right?  What happened to the word accountability?

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