About the Bureau of Consumer Protection (2024)

FAQs

What is the Bureau of Consumer Protection? ›

The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by: collecting complaints and conducting investigations.

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.

What does The Bureau of Consumer Protection do for consumers? The Bureau of Consumer Protection collects complaints, conduct investigations, sue companies and people that break the law, develop rules to maintain a fair marketplace, and educate consumers and businesses about their rights and responsibilities.

The CFPB works to prevent unfair, deceptive and abusive practices from financial companies by taking action against those that break the law. The bureau also works to educate and empower consumers to make the best financial decisions for themselves.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

If you have received a check from the CFPB, it is because we have taken an enforcement action against a person or company for violating a consumer financial protection law, and you are eligible for compensation as a result of this violation.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

Consumer protection laws safeguard purchasers of goods and services against defective products and deceptive, fraudulent business practices.

What is the main function of Consumer Protection? ›

Consumer protection ensures that consumers make well-informed decisions about their choices and have access to effective redress mechanisms. It also pushes for businesses to guarantee the quality of the products and services they offer.

The Consumer Protection Act, 1986 was enacted to provide a simpler and quicker access to redressal of consumer grievances. The Act for the first time introduced the concept of 'consumer' and conferred express additional rights on him.

The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights ...

Our work includes: Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law. Enforcing laws that outlaw discrimination in consumer finance. Taking consumer complaints.

Core to an effective financial consumer protection framework is an accessible and efficient recourse mechanism that allows consumers both to know and to assert their rights to have their complaints addressed and resolved in a transparent and just way within a reasonable timeframe.

To promote fair business practices, To protect consumers from unfair, unreasonable and/or improper trade practices. To protect consumers from misleading, deceptive, unfair or fraudulent conduct and/or actions, and. To provide for systems of dispute resolution and enforcement.