The Consumer Financial Protection Bureau, despite many hurdles, is already measuring accomplishments including work in the mortgage market among its greatest.
According to the CFPB’s Director, Richard Cordray, who sat for an interview with American Banker this week, the agency has maintained progress through the painstaking process of Cordray’s confirmation, including work across its consumer complaint function, which now counts 200,000 consumer complaints.
Cordray also points to enforcement actions against large lenders as having a meaningful impact on consumer protection.
“The enforcement actions we’ve taken to make it clear that when we see deceptive marketing and other practices at these large institutions we won’t hesitate to act, I think, is important,” Cordray told American Banker. “And so is our work on a growing range of issues, such as financial education, financial literacy, and financial empowerment—both for consumers generally and with respect to our specialty populations such as service members, students, older Americans, and those of low-to-moderate income.”
Yet there is still more work to be done in the mortgage market, Cordray said, as a host of rules are coming down the pike and the agency is working with lenders to implement them.
“We continue to work on mortgages. There’s more to do there including our ‘know before you owe’ project which we’ll finalize later this year. I gave a speech earlier this year on what we called the ‘Four D’s.’ The first, deceptive and misleading marketing of products, we’ve already been addressing through our enforcement actions but it’s an ongoing issue,” Cordray said. “There’s still a fair amount of work to do for everybody to get the message that they have to market transparently, candidly and clearly with customers.”
Written by Elizabeth Ecker