CFPB

  www.consumerfinance.gov
  www.consumerfinance.gov
There are newer employer reviews for CFPB

5 people found this helpful  

Micro Maniac wielding controlled chaos

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Anonymous Employee in Washington, DC
Former Employee - Anonymous Employee in Washington, DC

I worked at CFPB full-time (more than an year)

Pros

This is an up and coming agency

Cons

1. Most of the employees are well educated. There are a few nice people there. However, the overall culture is unfriendly.
2. They are still finding their way. But, not accepting of advice from experienced persons.

Advice to ManagementAdvice

Accept that you are not experts.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

33 Other Employee Reviews for CFPB (View Most Recent)

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  1.  

    Working as a contractor for CFPB was a wonderful workplace experience.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Administrative Operations Assistant in Washington, DC
    Former Employee - Administrative Operations Assistant in Washington, DC

    I worked at CFPB as a contractor (less than an year)

    Pros

    The employees from top management down the chain seemed excited to meet the goals of the company.

    Cons

    As a contractor, I was not given the opportunity to stay on as a full-time employee.

    Advice to ManagementAdvice

    Do more communicating with personnel.

    Recommends
    Neutral Outlook
    Approves of CEO
  2. 7 people found this helpful  

    Great mission, poorly executed.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Manager in Washington, DC
    Current Employee - Manager in Washington, DC

    I have been working at CFPB full-time (more than an year)

    Pros

    Compensation is above average for government; Benefits are competitive; Flexible work schedules

    Cons

    Executive management is trying to reinvent government but, in the process, has decided to "throw the baby out with the bath water." As the Wall Street Journal and American Banker have reported, the Bureau is having problems attracting and retaining experienced examiners, rule writers and managers from the original FFIEC regulatory agencies (FDIC, OCC, etc.) because prior regulatory experience isn't valued at the CFPB.

    A significant percentage of management has no prior experience regulating banks, yet the CFPB is responsible for regulating all of the largest banks in the country. The Bureau has been hiring contractors to perform significant amounts of substantive work that should be performed by professional staff. Granted, it's a start-up agency, but that's no excuse for allowing the same consulting firms that advise the big banks (and depend on them for their profitability) to tell the Bureau's executives how to be a regulator.

    The Bureau has hired extensively from Ivy League schools, and has shown strong preference for hiring lawyers, even if those individuals have little to no prior experience in the financial services industry. Yes, there are lots of very smart people on staff, they are ill-equipped to go "toe-to-toe" with the seasoned professionals that are on staff at the nation's largest banks. Suggestion: When reading other reviews of the Bureau, pay attention to how few people mention their expertise in banking, or how much they enjoy working with people who are experts in their field.

    Advice to ManagementAdvice

    The CFPB has been "reinventing the wheel" and keeps singing the praises of square-edged wheels. Rather than focusing so much on innovation and making a clean break from the legacy FFIEC agencies, focus on getting the basics right - - training, supervisory strategy, data analysis, etc.

    Management's current approach of relying almost exclusively on smart but inexperienced (from a bank regulatory perspective) staff to figure things out "on the fly" leaves the Bureau vulnerable to being steamrolled by seasoned banking attorneys and compliance experts from the nation's largest banks.

    Try to realize that there are Dodd-Frank tranferees who chose to dedicate their pre-CFPB careers to "fighting the good fight" from within the legacy FFIEC agencies. Most of these transferees were attracted to the CFPB by the prospect of implementing significant, meaningful and thoughtful changes to the way that consumer protection regulations are written and enforced. Rather than treating these seasoned regulators as pariahs and dismissing them as part of the problem that led to the CFPB's creation, try recognizing and valuing them as significant contributors to the Bureau's regulatory strategy.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
There are newer employer reviews for CFPB

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