How the CFPB Protects Banking Services
Written by: Kristy Welsh
Last Updated: August 29, 2017
When it comes to your financial well-being, there is nothing more important than protecting and growing your money. You count on your bank to help you do just that, and it is the job of the CFPB to ensure they do it right.
CFPB Regulates the Banking Industry
As the government agency responsible for consumer protection in the financial sector, it is the responsibility of the CFPB to regulate banks and credit unions, including oversight, law enforcement, and the creation of new rules and regulations.
CFPB Collaborates with Community Banks and Credit Unions
Before its official opening in July 2011, the CFPB met with representatives from community banks and credit unions in all 50 states to:
- Ensure the CFPB incorporates perspectives of small depository institutions into policy-making.
- Communicate relevant policy initiatives to community banks and credit unions.
- Work with community banks and credit unions to identify potential areas for regulatory simplification.
And the CFPB continues seeking input from representatives of this industry via its Community Bank Advisory Council and Credit Union Advisory Council.
CFPB Writes New Rules and Regulations
As new issues arise, the CFPB has the authority to address them, writing new rules and regulations as deemed necessary.
- Financial institutions are now required to disclose any and all credit card agreements they have with colleges and universities, the list of which the CFPB makes public in their online database. The CFPB has also asked these financial institutions to voluntarily share on their own websites any such agreements with schools.
- The CFPB launched an inquiry into mobile financial services, asking 35 questions of providers, researchers, regulators, and consumers. Specifically, the CFPB is concerned with mobile financial services as they relate to 1) access for the underserved, 2) real-time money management, 3) customer service, and 4) privacy concerns and data breaches.
CFPB Accepts Banking Account and Services Complaints
Do you have a complaint about the opening, closing, or management of a checking or savings account? What about problems with deposits or withdrawals, debit cards, or fees?
Whatever the issue relative to your banking account or service, the CFPB wants to hear about it.
When you submit a complaint to the CFPB:
- Your complaint and supporting documentation is forwarded to the company for their review.
- The company has 15 days to respond to the CFPB and to you.
- The CFPB provides you with email updates on your complaint status.
Note, the CFPB also shares complaints with state and federal law enforcement agencies, and sends a complaint report to Congress twice a year. Your complaint may also be posted to the Consumer Complaint Database (minus any personally-identifying information).