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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.

View the original clip in Politico. 

Written by Elizabeth Ecker