CFPB Ramps Up Enforcement Staff for 2024

The CFPB highlighted enforcement actions taken in 2023 and communicated its intent to increase enforcement activity in 2024.

In an agency blog post, the CFPB stated that last year it filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits requiring "lawbreakers to pay approximately $3.07 billion to compensate harmed consumers and pay approximately $498 million in civil money penalties." The highlighted actions taken last year concern (i) illegal high-interest loans and false advertising targeting servicemembers; (ii) illegal junk fees, (iii) withholding credit card rewards, and fake accounts charged by banks; (iv) bank discrimination in credit card applications; (v) loan churning; and (vi) illegal rental background checks and illegal credit reporting practices.

The CFPB announced that it is "significantly expanding our enforcement capacity in 2024" with the hire of additional enforcement attorneys, analysts, paralegals, e-litigation support specialists, and economists, particularly in Washington, D.C. and regional offices in San Francisco, New York, Chicago, and Atlanta.