The CFPB does not have a system for prioritizing its work based on the financial risks consumers face—one of its main responsibilities– the Government Accountability Office said in a new report.
The agency fails to use information from its market monitoring and other sources to determine the most serious problems consumers face and how to address those issues, the GAO said.
And the report goes on to say while the agency developed a systemic means for setting priorities, the agency has not used the process in recent years.
“The Director of CFPB should implement a systematic process for prioritizing risks to consumers and considering how to use the bureau’s available policy tools—such as rulemaking, supervision, enforcement, and consumer education—to address these risks,” the GAO said.
CFPB critics, including credit union trade groups, alleged during the Obama Administration that the agency did not target its efforts to pursue financial companies that abuse consumers the most.
But during the Trump Administration, consumer groups have charged that the agency has taken a hands-off policy in consumer enforcement and is not addressing serious problems facing consumers.