The Consumer Financial Protection Bureau, “CFPB,” handled 70 cases in 2015. Of those cases, 59 ended in settlement and 11 led to lawsuits. By scrutinizing financial sectors such as the credit, auto lending and debt collection industries, the CFPB roughly doubled its efforts in 2015 from 23 settlements and 11 lawsuits in 2014 and 21 settlements and 7 lawsuits in 2013. With these cases, the CFPB obtained $6 billion in relief for consumers as compensation for damages and returned another $1 billion in restitution for unlawfully obtained gains to consumers. A vast majority of these cases were due to alleged violations of the so called “UDAP Rules” – unfair, deceptive or abusive acts or practices.
This increase in cases is likely due to the expansion and maturation of the CFPB. In the past four years, the bureau increased the number of investigators, examiners and administrative staff allowing it to refine and perfect enforcements processes.
For more information about the CFPB and what to do if the CFPB audits your business, contact Joseph Messer at 312-334-3440 or email@example.com.