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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:

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.

For instance:

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:

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).

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