The CFPB Can Enhance Certain Aspects of Its Enforcement Investigations Process

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.

However, the CFPB has not met its goal to file or settle 65 percent of enforcement actions within 2 years of opening an investigation.

Source: CFPB, Annual Performance Plan and Report, and Budget Overview, February 2022.

Tracking key steps in the enforcement process may help reveal inefficiencies that, if addressed, could mitigate delays during investigations. In addition, training staff on documentation requirements will lead to more accurate, complete information on enforcement matters.

This report includes recommendations.