Explore Financial Well-being Findings | Consumer Financial Protection Bureau (2024)

FAQs

Why did I receive a check from Consumer Financial Protection Bureau? ›

CFPB-administered payments

The person or company that violated the law pays the CFPB, and then we send the money to harmed consumers, sometimes through a payments administrator. These payments are also known as Bureau-Administered Redress.

Financial well-being means how much your financial situation and money choices provide you with security and freedom of choice.

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.

Through the complaint process and financial education, the CFPB does great work to protect Americans from bad actors in a broad range of sectors in the financial industry.

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.

The CFPB has regulatory authority over providers of many types of financial products and services, including credit cards, banking accounts, loan servicing, credit reporting and consumer debt collection. A person shops in the beef section of a supermarket on February 13, 2023 in Los Angeles, California.

The financial well-being indicator in the Quality of Life Framework is based on a household's own assessment of its ability to meet its financial needs in terms of transportation, housing, food, clothing, and other necessary expenses.

In today's world, being financially stable is not only about having a good salary but managing money effectively. Financial wellness is the state of an individual's financial health. It is defined as having financial security and freedom of choice in the present and future.

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.

Does CFPB cost money? ›

There is no initial fee for you to make a FOIA request. However, the Freedom of Information Act allows the Bureau to charge you fees to recover the direct costs of providing records to you.

The CFPB takes action against companies and individuals who have broken consumer financial protection laws. If you've been harmed, you might be eligible to receive a payment through the Civil Penalty Fund.

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.

Submit 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.

Unsolicited loans: Live checks are sent to you without your permission. Lenders pre-screen customers they consider eligible and then mail them the live check in hopes that they will deposit it. Unclear terms: It can be easy to miss the loan terms on the live check.

The federal agency on Tuesday said it allocated more than $384 million to roughly 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through its victims relief fund, also known as the Civil Penalty Fund.

The CFPB was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The purpose of the CFPB is to promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services.

The check payment may have been rejected for a variety of reasons including: incorrect bank routing and account information on check payment, insufficient funds to cover check payment amount, or using accounts that are not authorized for check payments.