22 June 2012
The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Act with a mandate to protect consumers through the supervision and regulation of depository institutions and other providers of consumer financial products and services. Since its beginnings in July 2011, the agency has rapidly grown to a staff of more than 750 and an annual budget of well over $300 million. Despite this rapid ramp-up, the CFPB has not yet taken any public enforcement actions, and has left the financial community wondering what to expect.
In an effort to gauge industry concerns and measure expectations about the impact of the CFPB, Mayer Brown surveyed key executives and lawyers at leading financial institutions in order to determine their interests, concerns and preparations with regard to the CFPB. We are pleased to share the results of that survey with you. From questions relating to the agency’s regulatory approach, to the unease surrounding privileged information and confidential supervisory information, the overall results show a high level of uncertainty regarding the CFPB.