How the Consumer Financial Protection Bureau (CFPB) Helps You
The Consumer Financial Protection Bureau has been in the headlines for the past few months; but many debtors really don't understand how it will help them in their financial lives.
Below are some of the ways that the Consumer Financial Protection Bureau (CFPB) will help you:
- As of July 21, 2011, debtors with complaints against financial companies such as credit card issuers, payday loan lenders, debt collectors or other financial institutions, can call a toll-free number to file a complaint, or submit a complaint in writing at www.consumerfinance.gov .
- The CFPB will monitor the financial industry, review financial products and report that information on their website so that consumers can have easy to read, non-biased information on products and companies with whom they are considering doing business.
- The CFPB will also enforce financial laws and rules. If the CFPB notices a pattern of abuse with certain companies they will have power to force that company to revise their policies or other offending procedures so that consumers are better protected.
- The CFPB website will operate as a financial literary resource for consumers so that they can make more informed decisions about their financial lives. Right now, there is a lot of information about financial services and products, but most of it is provided by the financial industry and is often skewed to place their products and services in the best light even if it is not the best fit for the consumer.
The best part of this new agency is that consumers will have a one-stop bureau to come to for the complaints and grievances against financial institutions. As of now, consumers need to go on a virtual scavenger hunt whenever they want to file a complaint against a financial institution.