We Need the Consumer Finance Protection Bureau (CFPB)
The Consumer Finance Protection Bureau (CFPB) was born out of the Dodd-Frank Act.
Dodd-Frank is the legislation passed after the 2007-2008 Great Recession to reel in the big banks and Wall Street firms and regulate them. What led to the economic meltdown could never happen again. Dodd-Frank is a multi-faceted law, parts of it are not popular with Wall Street, and I am not qualified to judge the act as a whole. I am qualified to stand up for the CFPB, however.
The CFPB helps people deal with illegal or unscrupulous activities by; Credit Bureaus, Debt Collectors, Banks, Student loan servicers, etc. Just about any business in the financial arena, a citizen can go to www.consumerfinance.gov and file a complaint and any supporting documentation.
The CFPB would determine if the complaint is legitimate and, if so, will act as your advocate. They investigate and request action be taken to “right the wrong”. They also can, and have, fined financial institutions and credit bureaus for misleading consumers or for breaking the law. They liaise with the Federal Trade Commission and have such down, illegal debt collectors.
Most importantly, the director of the CFPB does not report to nor receive funding from Congress. This keeps the politics out of the process, so corruption and the financial influence of the big banks, credit bureaus, and others do not play a role in determining enforcement. Should they abolish the CFPB, it will only harm American citizens and leave them with little recourse to fighting the credit bureaus, big banks, debt collectors, and others who break the laws and try to extort and bully people.
We urge you to speak up to your lawmakers on Capitol Hill and tell them to focus on things that are harmful to Americans, not helpful.
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