Last month, on the occasion of its third anniversary, the Consumer Financial Protection Bureau (CFPB) touted its numerous successes in its three years of existence, including $4.6 billion in relief and refunds for consumers. That number will take a big jump when the CFPB adds in its recent $16.65 billion settlement with Bank of America.
A $16.65 billion settlement is big number by any measurement. But subsequently it has been reported that B of A will be able to deduct $11.63 of the total for tax purposes, resulting savings of approximately $4.0 billion. Will the CFPB report the gross amount or the net amount in future accountings of its successes?