Consumer Financial Protection Bureau Semiannual Report

Mar 29, 2012

House Financial Services Hearing on CFPB Semiannual Report

Richard Cordray outlined a number of new rules and initiatives under consideration at the new Consumer Financial Protection Board (CFPB). He said the CFPB would try to craft universal mortgage servicing standards based on the government's recent settlement with large banks, with the new rules possibly released by the next January. The report indicated the CFPB had received more than 13,000 complaints over the past six months related to mortgages, credit cards and other financial products.