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What is the Role of the CFPB?

cfpb-logo-300x225The Consumer Financial Protection Bureau, a government organization that was implemented by the Dodd-Frank Act of 2010, has a ton of great information to help the consumer avoid becoming the victim of fraud. That is great as long as people know where to go to get the information that they need. But most people have not been well educated, and they can become the victim of financial fraud even though they take great care to protect themselves. Fortunately the CFPB does more than just provide information.

 

The CFPB is There For You

The CFPB is a resource for the people. Since the financial industry is so big, including investments, savings, loans, credit cards, and mortgages, there was a surprising lack of oversight. The idea was to regulate the entire financial services industry with one organization. While their role has changed a little over the years, the CFPB is still there to help the little guy.

Since finances are so big, and intrinsically involve so much money, there is also a lot of fraud and scamming that occurs. There will always be unscrupulous people who would rather swindle hard working people out of their money instead of working hard themselves. The CFPB was designed to help put a stop to financial fraud.

But it isn’t just scam artists that are being hunted down by the bureau. Big companies have a way of bilking their clients out of money as well. Credit cards with hidden fees, savings with unnecessary complications, loans with outrageous interest rates, and similar products exist. When a consumer feels that he or she has been swindled, they can turn to the CFPB for advocacy.

How the CFPB Works

When a person has a complaint about a financial services company, they can fill out the form on the complaint page of the bureau’s website. If you have a complaint, there are likely others that are in your situation that have also complained.

The CFPB will then launch an investigation to determine the validity of your complaint. They will look into the company that is being alleged of taking advantage of you, and determine if they need to have sanctions put in place.

But the ultimate goal is to have educated consumers and not entitled consumers. This department seeks to make sure that every American knows what they are getting into before signing up for anything. This helps to reduce their workload, take the stress of the individual, and keep the unscrupulous companies at bay.

Paying special attention to those that are at risk, such as Older Americans, Service members and Veterans, and Students, the CFPB has special programs designed just for those people. Every American deserves to have an advocate; those who have more needs deserve a stronger advocate.

Practical Taxes

As your accountant and payroll specialist in Billings, Montana, we strive to make your experience nothing but extraordinary. If you ever have a complaint about our services, we would urge you to contact us first for resolution. Our goal is to make you happy with our service!

We are a full service accounting firm, we do everything from tax preparation, to payroll services, to bank remediation. If you are a business owner we have consultation services available, and we can help you register your new business! Give us a call at 406-894-2050 to learn more.

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