CFPB Issues Semi-Annual Report, Receives No Love

The Consumer Financial Protection Board (the "CFPB") issued its ninth semi-annual report.  The Report is intended to highlight the agency's accomplishments, which, according to the CFPB, were primarily as follows:

• $44 million in compensatory payments made by financial institutions to consumers;
• $82 million of fines in enforcement actions relating to a variety of consumer credit laws;
• adoption of additional rules relating to consumer credit disclosures; and
• issuance of a number of studies primarily relating to consumer credit or consumer financial sophistication.

The CFPB Report did not mention the various political controversies surrounding the agency, most notably as to whether its structure and governance comports with Constitutional requirements. The Report included a section on CFPB budget transparency. CFPB funding is outside the control of Congress.