CFPB Recaps 2023 Enforcement Activity and Highlights Plans to Expand Enforcement Capacity in 2024

In a blog post published January 29, 2024 titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in 2024.

The CFPB indicated that in 2023, it filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits.  Orders in these matters required the respondents to pay approximately $3.07 billion in consumer redress and approximately $498 million in civil money penalties.  The CFPB’s blog post includes brief descriptions of key 2023 enforcement actions.  (Our blog posts about several of these matters can be found here, here, here, here, and here.)

The CFPB also highlighted its plans to significantly expand its enforcement capacity in 2024.  The additional staff members that the CFPB plans to hire include enforcement attorneys as well as non-attorneys such as analysts, paralegals, e-litigation support specialists, and economists.  The new staff members will be located in the CFPB’s Washington, D.C. headquarters and in its San Francisco, New York, Chicago, and Atlanta regional offices.  The CFPB also promoted an information session that it held yesterday for potential applicants to learn more about the Office of Enforcement’s work and job opportunities.