Semi-Annual Report of the Consumer Financial Protection Bureau
Message from Richard Cordray
DIRECTOR OF THE CFPB
Just one year ago, the Consumer Financial Protection Bureau became the nation’s first
federal agency solely focused on protecting consumers in the financial marketplace. As
this report shows, we have already made great strides and helped many thousands of
The markets for consumer finance are rooted in the financial and credit needs we all
encounter in our daily lives. These products and services have brought broad benefits to
Americans as they manage the ways and means of their lives. But, as we have seen, if
these products and services are misused, they can do real damage to consumers and to the
The Consumer Bureau is establishing evenhanded and reasonable oversight to the
marketplace. We are working to root out unfair, deceptive, or abusive practices.
Consumers deserve to be treated fairly, and to have someone stand on their side when
they are not. Congress directed us to fix grave problems in the mortgage market, and we
are well on our way to fulfilling that goal.
To achieve these objectives, we are dedicated to building an agency that is evidence-based
and data-driven. Field hearings, inquiries, bulletins, rulemakings – we take an “all of the
above” approach to guarantee that we have the best current information as we make
Our Consumer Response team is handling complaints on issues ranging from mortgages
to credit cards to bank products to student loans. Our “Know Before You Owe” projects
aim to make the costs and risks of financial decisions clearer and more accessible for
consumers. We launched our Consumer Complaint Database to bring more transparency
and efficiency to the marketplace.
We created a Financial Aid Shopping Sheet and a Financial Aid Comparison Shopper to
help students and their families better understand the student loan process. We are
seeking to educate older Americans about their financial options and help
servicemembers make the best financial decisions for themselves and their families.
The first year of the Consumer Bureau has been busy and full; it reflects the hard work
done by people of the highest caliber and dedicated to public service. We look forward to
continuing to fulfill Congress’s vision of an agency that helps all Americans by improving
their financial lives.
Full report below…