CFPB Actions Result in $11.7 Billion in Relief to 27 Million Consumers
By Jeff Sorg, OnlineEd Blog
(July 15, 2016) – July 21, 2016, will mark five years since the CFPB opened its doors. After the 2008 financial crisis, Congress created the CFPB as the only federal agency with the sole mission of protecting consumers in the financial marketplace.
To date, the CFPB has provided almost $12 billion in relief to over 27 million consumers. Here’s how their numbers stack up:
- $11.7 billion: Approximate amount of relief to consumers from CFPB supervisory and enforcement work, including:
$3.6 billion in monetary compensation to consumers as a result of enforcement activity
$7.7 billion in principal reductions, cancelled debts, and other consumer relief as a result of
$347 million in consumer relief as a result of supervisory activity
- 27 million: Consumers who will receive relief as a result of CFPB supervisory and enforcement work
- $440 million: Money ordered to be paid in civil penalties as a result of CFPB enforcement work
- 930,700: Complaints CFPB has handled as of July 1, 2016
- 12 million: Unique visitors to Ask CFPB
- 1.9 million: Mortgages consumers closed on after receiving the CFPB’s Know Before You Owe
- 135: Banks and credit unions under the CFPB’s supervisory authority as of March 2016
- 12 million: Consumers who take out payday loans each year; the CFPB has proposed rules to put an end to payday debt traps
- 70 million: Consumers who have debts in collection on their credit record; the CFPB is developing proposed rules to protect consumers from harmful collection practices
- 3,400 Colleges voluntarily adopting the CFPB and Dept. of Ed Financial Aid Shopping Sheet
- 138: Visits to military installations by the Office of Servicemember Affairs since 2011
- 61: Times senior CFPB officials have testified before Congress
- 36: Cities where CFPB has held public town halls or field hearings
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Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.