The Consumer Financial Protection Bureau (“CFPB”) released its Semi-Annual Report to Congress. This report is the fifth and final of its kind issued by Director Kraninger. Unlike prior editions, this report includes a section about the signification problems faced by consumers because of the Covid-19 pandemic.
The report covers the period from April 1, 2020 through September 30, 2020. During this period, the CFPB issued six notices of proposed rulemaking, and four final rules. The CFPB also issued what it deems “less significant rules”; while the list is not exhaustive, the semi-annual report identifies ten additional interpretive or interim final rules issued during the reporting period. The plan for upcoming rules contains 11 rules; the rulemaking agenda was included as part of the CFPBs Fall 2020 Unified Agenda.
The report also notes an increased number of consumer complaints to the CFPB. The increased number of complaints has not impacted the overall distribution of complaints by product; credit or consumer reporting and debt collection continue to appear as the most complained about products.