CFPB Overview: 9 Ways They’ve Got You Covered

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CFPB Overview: 9 Ways They've Got You CoveredWhatever the issue with a financial product or service, it’s the job of the Consumer Financial Protection Bureau (CFPB) to help. Here’s what such comprehensive reach looks like.

1) Credit Reporting Industry

Few things affect your financial well-being as much as much as your credit reports and scores. Thus, the importance of the CFPB’s regulation of the vast, often confusing, credit reporting industry:

  • Enforcing the Fair Credit Reporting Act
  • Supervising credit reporting companies
  • Compiling reports on the credit reporting industry
  • Answering credit reporting questions via Ask CFPB
  • Accepting consumer reporting complaints

Learn more about how the CFPB regulates the credit reporting industry.

2) Debt Collection

Regardless of any unpaid debt you may owe, there are limits to what creditors and debt collectors are legally allowed to do in collection of the debt. However, these rules are routinely violated by agencies that should (and likely do) know better. The CFPB protects consumers in the often stressful, confusing, and costly debt collection process:

  • Overseeing debt collection industry
  • Publishing annual Fair Debt Collection Practices Report
  • Providing consumers with sample action letters
  • Writing new debt collection rules
  • Taking legal action against shady debt collection practices
  • Accepting debt collection complaints

Learn more about how the CFPB protects consumers in the debt collection process.

3) Payment Cards

Is there any financial product you use more than a credit, debit, or prepaid card? Likely not, thus the importance of strict regulation of the payment card market — one of many financial products regulated by the CFPB:

  • Administering CARD Act of 2009
  • Designing new and improved card agreements and disclosures
  • Maintaining database of credit card agreements
  • Accepting credit card complaints

Learn more about how the CFPB protects consumers in the payment card market.

4) Student Banking and Credit Cards

We expect colleges to look out for the best interest of their students. This not only includes curriculum and on-campus safety, but also their financial well-being. Unfortunately, many schools are falling short in the financial department, thus the importance of CFPB protection:

  • Conducting inquiries into on-campus student financial services
  • Informing college students of their banking options
  • Maintaining database of school credit card agreements
  • Accepting student banking complaints

Learn more about how the CFPB protects consumers of student banking and credit cards.

5) Student Loans

Taking on a student loan is one of the biggest financial decisions you will ever make. Don’t do it lightly and never before exhausting every other alternative. The CFPB can help, providing resources aimed at minimizing student loan debt, and ensuring your consumer rights are protected under every applicable law:

  • Creating the Financial Aid Shopping Sheet
  • Customizing a tool for comparing financial aid offers
  • Educating students about their loan options
  • Regulating the student loan industry
  • Accepting student loan complaints

Learn more about how the CFPB protects student loan borrowers.

6) Auto Loans

It’s challenging enough getting a good deal on a car under the best of circumstances. But throw into the mix deceptive or discriminatory lending and borrowers don’t have a chance. That’s why the work of the CFPB is so essential, providing much-needed industry oversight and consumer education:

  • Regulating auto lenders
  • Taking enforcement action
  • Educating consumers on auto loans
  • Accepting auto loan complaints

Learn more about how the CFPB protects consumers of auto loans.

7) Housing Market

Of all the financial decisions you make over the course of a lifetime, deciding to buy a home likely tops the list. For this reason, the CFPB is particularly invested in oversight of the mortgage market:

  • Regulating the mortgage industry
  • Proposing and enforcing new mortgage rules
  • Promoting “Know Before You Owe” initiative
  • Offering mortgage data tools
  • Advising free foreclosures help
  • Providing training for housing counselors
  • Accepting mortgage complaints

Learn more about how the CFPB protects consumers in the housing market.

8) Payday Loans

Though they’re advertised as a way to help consumers make ends meet until their next payday, cash advances from payday lenders almost always do their borrowers more harm than good. Fortunately, the CFPB exists to supervise financial products and services, payday loans among them:

  • Regulating the payday loan industry
  • Conducting studies of the payday loan industry
  • Educating consumers on payday loans
  • Accepting payday loan complaints

Learn more about how the CFPB protects consumers of payday loans.

9) International Money Orders

Whatever your reason for wiring money to another country, it is obviously an important one, particularly in an emergency situation. So the last thing you need to worry about is a confusing or difficult remittance process. Thus, the CFPB’s oversight of international money transfers, helping to ensure the process brings you less headache and more peace of mind:

  • Enforcing remittance transfer rules
  • Writing new rules and regulations
  • Accepting money transfer complaints

Learn more about how the CFPB protects consumers of international money orders.

Are you having a problem with a financial product or service? The CFPB can help. Here’s how to submit a complaint.

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