We purpose to make client monetary markets work for customers, accountable suppliers, and the financial system as an entire. We defend customers from unfair, misleading, or abusive practices and take motion towards corporations that break the legislation. We arm individuals with the knowledge, steps, and instruments that they should make sensible monetary choices.
In a market that works, the costs, dangers, and phrases of the deal are clear upfront so that buyers can perceive their choices and comparability store. Firms all play by the identical client safety guidelines and compete pretty on offering high quality and repair.
The CFPB
We’re the Client Monetary Safety Bureau, a U.S. authorities company devoted to creating certain you’re handled pretty by banks, lenders, and different monetary establishments.
Our core features
The CFPB was created to offer a single level of accountability for imposing federal client monetary legal guidelines and defending customers within the monetary market. Earlier than, that duty was divided amongst a number of businesses. Immediately, it’s our major focus.
Our work consists of:
- Rooting out unfair, misleading, or abusive acts or practices by writing guidelines, supervising corporations, and imposing the legislation
- Implementing legal guidelines that outlaw discrimination in client finance
- Taking client complaints
- Enhancing monetary training
- Researching the buyer expertise of utilizing monetary merchandise
- Monitoring monetary markets for brand spanking new dangers to customers
Quick Information: CFPB by the Numbers
Final up to date: Could 23, 2024
- $20.7 billion+: Quantity of financial compensation, principal reductions, canceled money owed, and different client aid ensuing from CFPB enforcement ($19 billion) and supervisory ($1.7 billion) work.
- 205 million+: Estimated variety of customers or client accounts eligible to obtain aid from the CFPB’s enforcement and supervisory work.
- $4.8 billion+: Civil cash penalties imposed by the CFPB on corporations and people that violate the legislation. Civil cash penalties are deposited into the CFPB’s victims aid fund (often known as the civil penalty fund), which offers compensation to customers who’ve been harmed by violations of federal client monetary safety legislation.
- $6.1 billion: Estimated quantity customers will save yearly resulting from current adjustments in banks’ overdraft and non-sufficient funds (NSF) price insurance policies. The CFPB’s most up-to-date evaluation discovered that the choice of most giant banks to remove NSF charges will save customers practically $2 billion yearly.
- $183 million: Financial aid ensuing from 39 public enforcement actions that concerned hurt to servicemembers and veterans, together with six enforcement actions for violations of the Navy Lending Act.
- 22.8 million: The estimated variety of individuals anticipated to have had no less than one medical assortment faraway from their credit score reviews after the three nationwide client reporting corporations introduced the elimination of medical collections below $500 from client credit score reviews in April 2023. In March 2022, the CFPB launched a report drawing consideration to the difficult and burdensome nature of the medical billing system in the US.
- 5.6 million+: Client complaints despatched to corporations for response,1 together with 3.6 million+ complaints about credit score reporting, 80,000+ complaints about medical debt assortment, and 90,000+ complaints about pupil loans.
- 61.5 million+: Approximate variety of customers who’ve accessed solutions to a whole bunch of frequent monetary questions through the CFPB’s “Ask CFPB” database.
- 33: Variety of Supervisory Highlights issued. These reviews embody key examination findings, talk operational adjustments to the CFPB’s supervision program, and supply a useful resource for data on our current steerage paperwork.
- 8: Variety of languages that CFPB offers translated consumer-facing supplies in, together with: Arabic, Chinese language, Haitian Creole, Korean, Spanish, Tagalog, and Vietnamese. Shoppers may also submit a grievance on the telephone in additional than 180 languages.
References
- Notice: the CFPB doesn’t instantly publish each client grievance despatched to corporations for response on its public-facing client grievance database. As such, the full variety of complaints publicly accessible on the CFPB web site is fewer than the variety of complaints despatched to corporations for response. Particulars on the factors utilized by the CFPB for publishing client complaints on its client grievance database could be discovered right here: https://www.consumerfinance.gov/data-research/consumer-complaints/.
