A few months ago, I wrote about the new Consumer Financial Protection Bureau and their work to help average Americans. Well, this week is National Consumer Protection Week! I thought I’d help get the word out, so here it is:
In case you forgot what the CFPB does, the website says:
We’re taking your complaints. We started with credit cards, moved on to mortgages, and now have the ability to take your complaints about a wide range of financial products and services provided by banks and credit unions.
We launched our supervision program. We are responsible for supervising not just banks, but also other financial businesses, such as payday lenders, mortgage companies, private student lenders, and others – collectively known as nonbanks. We will visit these businesses to make sure they are following the law and assess risks to consumers.
We adopted a rule to increase protections for consumers who transfer money internationally. One of our jobs is to write rules that tell financial institutions how to follow the law. This regulation will help protect consumers who send money electronically to another country.
We’re developing tools to help you make better financial decisions. Our Student Debt Repayment Assistant helps people with student loans determine their repayment options. We’re also working to provide educational materials to service providers working directly with consumers in their communities. Nearly 5,200 Volunteer Income Tax Assistance (VITA) locations around the country received materials from us that they can use to help encourage taxpayers to save some of their 2011 federal income tax refunds.
We’re looking out for you. All finance is personal, but some populations have unique needs. Staff from our offices for older Americans, servicemembers, and students are out in the field gathering information and looking out for consumers’ interests.
Tell a friend!