The CFPB, in fulfillment of its statutory responsibility, has submitted its inaugural Semi-Annual Report to the President and Congress. The report summarizes the CFPB’s activities and accomplishments over the period from its launch on July 21 through December 31, 2011 and provides information required by the Dodd-Frank Act.
The CFPB believes it has taken significant steps to make consumer financial markets work better for consumers and responsible companies by:
- resolving consumer complaints about credit cards and mortgages;
- launching a supervision program that will promote compliance with consumer protection laws in the Bureau’s jurisdiction by financial companies of all kinds;
- evaluating and developing disclosures that make the costs and risks of financial products easier for consumers to understand;
- working to implement statutory protections for consumers who rely on consumer financial products, such as mortgages;
- launching the Bureau’s website – ConsumerFinance.gov – and using it to engage the public in a range of projects;
- creating several ways in which individuals can alert the CFPB about potential violations of consumer protection laws in the Bureau’s jurisdiction; and
- improving information about the structure of consumer financial markets and consumer behavior through practical market intelligence and independent research.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.