CFPB Ombudsman Annual Report Highlights Consumer Complaint Process, CFPB Enforcement Attorneys at Exams
By KEVIN L. PETRASIC & CARLA LAROCHE
The alert discusses the CFPB Ombudsman's first annual report, which highlights key issues related to transparency of the agency's consumer complaint process and industry concerns regarding the agency's continuing practice of having CFPB Enforcement Attorneys present at agency supervisory examinations. On November 30, 2012, the Consumer Financial Protection Bureau (CFPB) Ombudsmans Office delivered its first annual report (Annual Report) to the CFPB Director. The 14-page report discusses the Ombudsmans efforts to establish its role at the CFPB and its activities thereafter, starting in July 2011 through the end of the fiscal year, September 30, 2012. Although broad in details and short in length, the Annual Report offers clients who interact with the CFPB a valuable glimpse into how the CFPB regulates itself.