how many employees does the cfpb have

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Why work at the CFPB?

We come from a variety of professional and demographic backgrounds to work at the CFPB, and are all grounded in the same mission: making consumer finance markets work for the American people. Help us continue to grow and develop this 21st century agency. The work you do will directly impact the lives of American consumers.

Who are the key personnel at the CFPB?

CFPB Key Personnel Overseeing the nearly 1,700 employees at the CFPB are a group of individuals chosen from a variety of backgrounds, including political offices and campaigns, non-profit advocacy organizations, private industry, and other federal regulatory agencies.

What is the Consumer Financial Protection Bureau (CFPC)?

The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. Come join us. People are our most valuable resource.

Which institutions are subject to CFPB supervisory authority?

Institutions subject to CFPB supervisory authority We supervise a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

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How large is the CFPB?

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

Who owns CFPB?

The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions, and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.

Who is the current head of the CFPB?

Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors.

Is CFPB a government agency?

We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.

Does the CFPB actually do anything?

Our work includes: Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law. Enforcing laws that outlaw discrimination in consumer finance. Taking consumer complaints.

Does the CFPB have enforcement power?

A central part our mission is to stand up for consumers and make sure they are treated fairly in the financial marketplace. One way we do this is by enforcing federal consumer financial laws and holding financial service providers accountable for their actions.

Where is CFPB funded?

Under the Dodd-Frank Act, the CFPB is not funded through periodic congressional appropriations; instead, the bureau receives its funding directly from the Federal Reserve, which is itself funded outside the congressional appropriations process.

Where does the CFPB get its funding?

Under the Dodd-Frank Act, the CFPB is funded by transfers from the Board of Governors of the Federal Reserve System.

What are the six divisions of the Consumer Financial Protection Bureau?

The CFPB plans to have six primary divisions: Supervision and Enforcement; Consumer Engagement and Education; Research, Markets, and Regulations; External Affairs; General Counsel; and Chief Operating Officer.

Is CFPB an independent agency?

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency that holds primary responsibility for regulating consumer protection with regard to financial products and services in the United States.

Who creates CFPB?

In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law – often referred to as the Dodd-Frank Act – created the Consumer Financial Protection Bureau (the CFPB).

Is the CFPB part of the FTC?

The CFPB is an independent agency with the authority to implement and enforce Federal consumer financial law for the purpose of ensuring that all consumers have access to markets for Consumer Financial Products and Services and that the markets for Consumer Financial Products and Services are fair, transparent, and ...

Is the CFPB an independent agency?

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency that holds primary responsibility for regulating consumer protection with regard to financial products and services in the United States.

What department does CFPB fall under?

The bureau is an independent unit located inside and funded by the United States Federal Reserve, with interim affiliation with the U.S. Treasury Department.

Why is the CFPB an independent agency?

Congress created the independent agency in 2010 to protect consumers from abuses in the banking and financial services industry that led to the 2008 financial meltdown.

Who created CFPB?

United StatesConsumer Financial Protection Bureau / Founder

How many employees does the CFPB have?

Overseeing the nearly 1,700 employees at the CFPB are a group of individuals chosen from a variety of backgrounds, including political offices and campaigns, non-profit advocacy organizations, private industry, and other federal regulatory agencies. Employees are divided into six separate divisions, each of which is led by an Associate Director who ...

Who is the acting director of the CFPB?

Acting Director. Mick Mulvaney is the acting director of the CFPB. In this role, he has nearly autonomous control over a federal bureaucracy charged with regulating over 20 percent of the United States economy. During his time as acting director, Mulvaney has successfully reduced the size of the CFPB budget and staff.

Who is David Gragan?

David Gragan is the Chief Procurement Officer for the Office of the Chief Operating Officer. Prior to joining the CFPB, Gragan served as the Chief Procurement Officer for the District of Columbia, having been appointed by Democratic Mayor Adrian Fenty.

Who is Gail Hillebrand?

Gail Hillebrand is an Associate Director for Consumer Education and Engagement. Prior to joining the CFPB, Hillebrand was an attorney with Consumer Union’s West Coast Office. She was also the founding chair and board member of the California Reinvestment Committee.

Who is Jeffrey Sumberg?

Jeffrey Sumberg is the Chief Human Capital Officer for the Office of the Chief Operating Officer at the CFPB. Prior to joining the CFPB, Sumberg worked at Deloitte Consulting, a firm that provides financial advising and regulatory compliance consulting.

Who is Anthony Welcher?

Anthony Welcher is the Policy Associate Director for the Office of External Affairs at the CFPB. Prior to joining the CFPB, Welcher worked in the private sector and for the George W. Bush administration.

Who is Gene Koo?

Gene Koo is an Assistant Director for the Office of Consumer Engagement. Prior to joining the CFPB, Koo worked at Good Games Group.

What is the CFPB lawsuit?

A lawsuit filed July 22, 2013, by Morgan Drexen Integrated Systems, a provider of outsourced administrative support services to attorneys, and Connecticut attorney Kimberly A. Pisinski, challenged the constitutionality of the CFPB. The complaint, filed in the U.S. District Court for the District of Columbia, alleged that the "CFPB's structure insulates it from political accountability and internal checks and balances in violation of the United States Constitution. Unbridled from constitutionally-required accountability, CFPB has engaged in ultra vires and abusive practices, including attempts to regulate the practice of law (a function reserved for state bars), attempts to collect attorney-client protected material, and overreaching demands for, and mining of, personal financial information of American citizens, which has prompted a Government Accountability Office ("GAO") investigation, commenced on July 12, 2013." That October, this case was dismissed by a D.C. Federal Court. On August 22, 2013, one month after Morgan Drexen's lawsuit, the CFPB filed its own lawsuit against Morgan Drexen in the United States District Court for the Central District of California alleging that Morgan Drexen charged advance fees for debt relief services in violation of the Telemarketing Sales Rule and engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA). The CFPB won this lawsuit and Morgan Drexen was ordered to pay $132,882,488 in restitution and a $40 million civil penalty.

What is the CFPB Rural Designation Petition and Correction Act?

The bill would amend the Dodd–Frank Wall Street Reform and Consumer Protection Act to direct the CFPB to establish an application process that would allow a person to have their county designated as "rural" for purposes of federal consumer financial law. One practical effect of having a county designated rural is that people can qualify for some types of mortgages by getting them exempted from the CFPB's qualified mortgage rule.

What is a CFPB bank?

Once a financial institution acquires $10 billion in assets, it falls under the guidance, rules, and regulations under the CFPB. The Bank will be known as a CFPB regulated bank. The CFPB will examine the institution for compliance with bank regulatory laws.

What does the CFPB do?

The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints.

What is the CFPB's mission?

In advancing its core consumer finance mission through enforcement and rulemaking, the CFPB has engaged with the data economy in a number of ways. : 531–32

When was the CFPB created?

In July 2010, Congress passed the Dodd–Frank Wall Street Reform and Consumer Protection Act, during the 111th United States Congress in response to the late-2000s recession and financial crisis. The agency was originally proposed in 2007 by then Harvard Law School professor Elizabeth Warren, who later became a US senator. The proposed CFPB was actively supported by Americans for Financial Reform, a newly created umbrella organization of some 250 consumer, labor, civil rights and other activist organizations.

When will the Supreme Court hear oral arguments in Seila Law v. Consumer Financial Protection Bureau?

Consumer Financial Protection Bureau considering the split decision of the lower courts. Oral arguments began on March 3, 2020.

Serve

Our mission begins with service to the consumer and our country. We serve our colleagues by listening to one another and by sharing our collective knowledge and experience.

Lead

Fostering leadership and collaboration at all levels is at the core of our success. We believe in investing in the growth of our colleagues and in creating an organization that is accountable to the American people.

Innovate

Our organization embraces new ideas and technology. We are focused on continuously improving, learning, and pushing ourselves to be great.

Our work

We aim to make consumer financial markets work for consumers, responsible providers, and the overall economy.

Budget and strategy

We publish our strategy and budget so you can understand our priorities and how we’re serving the American public.

Diversity and inclusion

Respect for diversity and inclusion, both in our own workforce and those we work with, is embedded in our core values and integral to helping us achieve our mission.

Doing business with us

We actively seek opportunities to collaborate with subject matter experts, third-party vendors, and other external stakeholders to help inform our policy work, stay on top of emerging trends, and build effective programs to support our mission.

Careers

We are always looking for talented individuals who want to do meaningful work for consumers. And we strive to create a workplace that supports and develops them.

Contact us

Whether you have questions about the CFPB, a consumer financial product or service, or you want to submit a complaint, we’ll point you in the right direction.

What is the CFPB rule of practice?

Rule of Practice for Adjudication Proceedings: Under this rule, the CFPB can conduct administrative adjudications (hearings) to ensure or enforce compliance with federal laws and regulations. In developing this rule, we leveraged the experiences of other regulators and reviewed the public comments on the interim rule to create a fair and expeditious process for resolving administrative enforcement actions. The result is an adjudication process that is streamlined and protects parties’ rights to fair and impartial proceedings.

What is the purpose of the State Official Notification Rule?

State Official Notification Rule: This rule is designed to help the CFPB stay informed about state-level legal developments relating to the Dodd-Frank Act. It describes the process through which state officials update the agency on certain legal actions they bring to enforce compliance with certain provisions of the Dodd-Frank Act and regulations the CFPB may issue. Proper notification will help ensure that the law is being enforced in a consistent manner.

What is the CFPB rule?

Rule Relating to Investigations: This rule describes the CFPB’s procedures for investigating whether persons have engaged in conduct that violates federal consumer financial law. Similar to rules used by other regulators, it lays out an efficient and fair process for conducting CFPB investigations. This rule sets forth our authority to conduct investigations, including the procedures for issuing civil investigative demands. It also describes the rights of persons from whom the CFPB seeks to compel information in investigations.

How many locations does the OCC have?

It has an additional 92 operating locations throughout the United States. It is an independent bureau of the United States Department of the Treasury and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the Senate. The OCC pursues a number of main objectives:

How many banks does the OCC regulate?

The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States, accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).

What is the purpose of the OCC?

The OCC pursues a number of main objectives: to ensure the safety and soundness of the national banking system; to foster competition by allowing banks to offer new products and services; to improve the efficiency and effectiveness of OCC supervision especially to reduce the regulatory burden;

Why was the OCC created?

The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly.

Why is the OCC important?

The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, consumer compliance, and community reinvestment, the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly.

What are the agencies that regulate the OCC?

Other financial regulatory agencies like the OCC include the Federal Deposit Insurance Corporation (of which the Comptroller serves as a director), the Federal Reserve, the Consumer Financial Protection Bureau, and the National Credit Union Administration. The OCC routinely interacts and cooperates with other government agencies, ...

How is the word "comptroller" pronounced?

Pronunciation. As with other uses of the English word " comptroller ," there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced phonetically as it is spelled (that is, comp-troller ).

CFPB Executives

Office of Equal Opportunity & Fairness

Office of The Chief Operating Officer

Consumer Education and Engagement

Supervision, Fair Lending and Enforcement

External Affairs

Office of The General Counsel

Research, Markets and Regulations

Overview

Role

According to former Director Richard Cordray, the Bureau's priorities are mortgages, credit cards and student loans. The CFPB qualifies as a large independent agency that was designed to consolidate its employees and responsibilities from a number of other federal regulatory bodies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration and even the Department of Housing and U…

History

Regulatory activities

Amendments

Legal challenges

See also

Further reading