About us | Consumer Financial Protection Bureau (2024)

FAQs

What does the Consumer Financial Protection Bureau do? ›

It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies. The Bureau also works to make credit card, mortgage, and other loan disclosures clearer, so consumers can understand their rights and responsibilities.

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.

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.

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 ...

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates. The depository institutions and affiliates included in the list below are currently under CFPB's jurisdiction and subject to CFPB supervision and examination.

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.

CFPB Sues Horizon Card Services and CEO Robert Kane for Illegally Baiting, Gouging, and Trapping Families in High-Fee Credit Cards. Consumer Financial Protection Bureau.

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.

This week, we confirmed that scammers are using CFPB employees' names to try to defraud members of the public. We've heard from people, specifically older adults, who received phone or video calls. We can't say it enough – the CFPB will NEVER contact you and ask you for sensitive information or to pay money.

Can a bank deny you access to your money? ›

Let's say you are overdrawn more times than is permitted in your agreement with the bank. They can restrict your access to your money legally. At some point, you will disput this matter by filing a complaint.

We help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. Tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.

The CFPB has independent litigating authority and the ability to enforce the law in federal courts and through administrative proceedings. It has the ability to seek civil monetary penalties, consumer redress, disgorgement, restitution, damages, and wide-ranging injunctive relief.

As a result of the lawsuit, the CFPB will distribute $53,885,244 in total payments to consumers through its Civil Penalty Fund. The payments will be mailed on July 23, 2024, through Epiq Systems. If you have questions about receiving a refund, email [email protected] or call 1 (877) 830-1746.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.

Financial consumer protection aims to ensure fair and responsible treatment of financial consumers in their purchase and use of financial products and services and their dealings with financial services providers.