CFPB Issues its Seventh Semi-Annual Report to Congress

Tim Bauer

On June 15 the CFPB issued it seventh semi-annual report to Congress on its activities. This is not to be confused with the CFPB’s annual report to Congress on the FDCPA. This report covers all CFPB activities, not just FDCPA or debt collection activity.

The 190 page report provides a summary of CFPB activities for the period from October 1, 2014 through March 31, 2015.

insideARM has previously reported on many of those activities.

However, there were some interesting items in the report for the ARM industry.

1. The CFPB continues to grow. As of March 31, 2015, the CFPB team consisted of 1,459 employees.
2. Currently about 30 million consumer – nearly one out of every 10 Americans – are subject to debt collection, for amounts that average $1500 each.
3. During the time period in question the CFPB received approximately 85,300 debt collection complaints.

When discussing debt collection, word choices in the report were interesting. The Bureau noted that “Many companies in the industry play by the rules.”  Not “Most” companies play by the rules. Clearly the ARM industry has not yet convinced the CFPB that most companies do, in fact, play by the rules.

It is likely that the House Financial Services and Senate Banking Committees will again hold hearings on the latest report.  As insideARM reported in June of 2014 CFPB Director Cordray appeared at last’s year hearing before that committee.  He will likely again appear as a witness this year.