What is the CFPB responsible for?
What is the CFPB responsible for?
United StatesConsumer Financial Protection Bureau / Jurisdiction
What are the CFPB regulations?
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.
Is the CFPB still active?
The CFPB’s status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court found the single-director structure removable only with-cause unconstitutional but allowed the agency to remain in operation.
What has the CFPB done for consumers?
Our enforcement and supervisory efforts have resulted in approximately $14.4 billion in relief for consumers, and $1.7 billion in civil penalties. We delivered economic redress to more than 183 million consumers and consumer accounts.
Who does the CFPB protect?
consumers
We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.
What is a CFPB complaint?
The Consumer Financial Protection Bureau (CFPB), a federal government agency, collects consumer complaints about credit cards, mortgages, bank accounts, student loans, consumer loans, credit reporting, money transfers, and debt collection.
When did the CFPB become effective?
November 30, 2021
In addition, on November 30, 2021, the CFPB’s new Debt Collection Rule became effective.
Who does the CFPB enforce primary regulations over?
The CFPB has primary authority to enforce federal consumer financial laws for banks and other depository institutions with total assets of more than $10 billion, and their affiliates, which collectively hold more than 80 percent of the banking industry’s assets.
Does filing a complaint with CFPB do anything?
Complaints provide the Bureau with near real-time information about the types of challenges consumers are experiencing with financial products and services. We use them to inform our efforts in consumer education, create clear rules of the road for companies, and take action against bad actors in the marketplace.
What happens if a company doesn’t respond to a CFPB complaint?
Untimely response: If the company does not meet the 15-day deadline to respond to a complaint, the CFPB will mark it as “untimely.” Consumer feedback: Consumers can report their dissatisfaction with a company’s response to the Bureau.