Who is the Consumer Finance Protection Bureau?
This governmental oversight division was created from the creation of the Dodd-Frank Wall Street Reform Act & Consumer Protection Act of 2010.
What do they do?
Their core responsibility is to try to educate the consumers of America to help prevent abuse as an educated consumer will be taken advantage of a lot less than an uneducated consumer who will fall prey to tactics they do not know either cannot be done or are illegal.
They also try to analyze available data to better understand the challenges that consumers are going through as well as utilizing that data for the following final responsibility.
Enforcement of the laws and lenders that are blatantly taking advantage of consumers.
Typically when you hear the enforcement aspect of something like this you roll your eyes.
While they obviously have an uphill battle they are taking giant steps while doing so. They have taken steps towards attacking debt collection companies which are one of the number one complaints by consumers as well as lenders in the banking industry.
They have also made it very easy to help you let them know what is going on if you are being taken advantage of or jerked around.
Simply go to: www.consumerfinance.gov and on the right side in green there is a “SUBMIT A COMPLAINT” and the layout to submit the complaint and tell they what happen to you in a very easy layout.
Now the reality is all of this of course takes time but they are what I deem as aggressively going after lenders and collection companies and they truly want to stop these companies from basically screwing over consumers.
As I always say, knowledge is power and the educated consumer is a powerful consumer as there are so many things (too many to list) that companies to and lie to consumers and all the scam artists out there that people get taken advantage of daily.
This can be quite possibly one of the best things our government has done if it keeps up this pace to help protect consumers.
BUT…. As with everything they need your help! If you see something that doesn’t seem right or legal or you know is illegal, go to their website and file a complaint!