Rules & Policy | Consumer Financial Protection Bureau (2024)

FAQs

Is the Consumer Financial Protection Bureau legit? ›

The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

Rules and policy

The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

The functions of the CFPB to assist people in borrowing money or using other financial services include: implementing and enforcing Federal consumer financial laws; reviewing business practices to ensure that financial services providers are following the law; monitoring the marketplace and taking appropriate action to ...

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

If you're having trouble with a credit card, you can submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). If you're not satisfied with the merchant's response, you may be able to dispute the charge with your credit card company and have the charge reversed. This is sometimes called a chargeback.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.

By statute, a primary function of the CFPB is to collect, investigate and respond to consumer complaints.

When a financial institution, individual, or other entity subject to the CFPB's authority breaks the law, the CFPB may take enforcement action against them. In certain cases, the CFPB may partner with other federal, state, or local agencies to investigate the wrongdoing and coordinate the enforcement action.

What can the CFPB do? ›

The CFPB enforces a number of consumer financial protection laws and a variety of rules, orders, standards and prohibitions prescribed by the CFPB and certain rules issued by the Federal Trade Commission. Some of the laws the CFPB enforces include: Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C.

We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about ...

Rohit Chopra - Consumer Financial Protection Bureau | LinkedIn.

The best scenario for filing a complaint with a consumer protection agency is when you have encountered a significant issue with a business that you have been unable to resolve directly with them. This could include situations such as fraud, deception, false advertising, or unethical business practices.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

The CFPB enforces a number of consumer financial protection laws and a variety of rules, orders, standards and prohibitions prescribed by the CFPB and certain rules issued by the Federal Trade Commission. Some of the laws the CFPB enforces include: Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C.

Use of the CFPB Ombudsman's Office is entirely voluntary and free of charge.