The CFPB in Review: A Healthy Dose of Enforcement and a Dash of Setting Boundaries

Abstract

The Consumer Financial Protection Bureau (CFPB) announced itself in 2012 by filing and settling three significant enforcement actions against major providers of credit card add-on products. In 2013, the CFPB continued to aggressively pursue its mandate to protect finance consumers' interests, but also demonstrated that the limits of its authority are neither truly defined nor yet known. This article summarizes the significant 2012 and 2013 enforcement actions as well as critical items of CFPB guidance and indications of future activity. [PUBLICATION ABSTRACT]