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WBK Industry News - Federal Regulatory Developments

GAO Finds CFPB Lacking in Consumer Risk Prioritization

A Government Accountability Office (GAO) report to Congress (GAO-19-158) recommended “that CFPB implement a systematic process for prioritizing risks to consumers and considering how to use its available policy tools – such as rulemaking, supervision, enforcement, and consumer education – to address these risks.”

The report acknowledges the continued efforts CFPB has taken to consider information in establishing its policy priorities.  However, the report indicated that a systematic, overall process in prioritizing risks to consumers and using the full set of tools available to the CFPB could help ensure that resources are focused on the most significant risks to consumers.