Consumer Financial Protection Bureau (CFPB)


CFPB Complaint Site

The Woman Who Knew Too Much by Suzanna Andrews. "Arrayed against Warren, and today against the very existence of the C.F.P.B., was the full force of what many, most notably Simon Johnson, the M.I.T. professor and former International Monetary Fund chief economist, have called the American financial oligarchy: Wall Street firms and banks supported mainly by Republican members of Congress, but also politicians on the other side of the aisle, along with members of Obama’s own inner circle... At a time of record corporate profits, a time when 14 million Americans are out of work, when millions have lost their homes and, according to the Census Bureau, the ranks of those living in poverty has grown to one in six—that Elizabeth Warren could be publicly kneecapped and an agency devoted to protecting American consumers could come under such intense attack is, ultimately, the story about who holds power in America today."

"While Wall Street and the banks oppose virtually every aspect of Dodd-Frank—from the new rules on derivatives to higher capital requirements—the C.F.P.B. would become among the most controversial aspects of the reforms, the banking industry’s particular bęte noire. Its chief mission, on the face of it, would seem unremarkable: enforcing the rules protecting consumers already on the books, bringing laws that had been overseen by seven different federal agencies under a single authority. Most of the rules were overseen by the bank regulators. The catch was that none of them had paid much attention to consumer protection. Their primary focus had been ensuring the “safety and soundness” of the banks, which for decades had translated as ensuring bank profits. For the banks, the C.F.P.B. meant not only a new regulator rifling around in their books but also a regulator with a mission that did not focus on their bottom lines" (Andrews).

"While Wall Street and the banks oppose virtually every aspect of Dodd-Frank—from the new rules on derivatives to higher capital requirements—the C.F.P.B. would become among the most controversial aspects of the reforms, the banking industry’s particular bęte noire. Its chief mission, on the face of it, would seem unremarkable: enforcing the rules protecting consumers already on the books, bringing laws that had been overseen by seven different federal agencies under a single authority. Most of the rules were overseen by the bank regulators. The catch was that none of them had paid much attention to consumer protection. Their primary focus had been ensuring the “safety and soundness” of the banks, which for decades had translated as ensuring bank profits. For the banks, the C.F.P.B. meant not only a new regulator rifling around in their books but also a regulator with a mission that did not focus on their bottom lines" (Andrews).

Consumer Help contact the CFPB about potential violations of federal consumer financial law.

The CFPB wants you to blow the whistle on lawbreakers

Whistleblower Protection Programs (OSHA)

Submit a Complaint to CFPB categories are Mortgage, Debt Collection, Credit Reporting, Bank acct. or service, Credit Card, Money Transfer, Payday loan, Student loan, Vehicle or other consumer loan.

Compare financial aid and college cost This is from the CFPB. "When it comes to choosing a college, we can help you make informed financial decisions about paying for college. Understand loan options, compare your financial aid offers, and learn about student banking."


References

Andrews, Suzanna. The Woman Who Knew Too Much, Nov. 2011 in Vanity Fair. Accessed 6/6/2014.


Colby Glass, MLIS