- Personal Finance»
- Understanding Finance
Consumer Financial Protection Bureau
Consumers Finally Have A Gathering Place To Complain
Consumer Financial Protection Bureau
Consumer Financial Complaint Federal Level
The Consumer Financial Protection Bureau or CFPB was created for consumers complaining about a financial institution, which can be difficult at times. At the end of the day some people may want to give up. Pay day loan companies can make things frustrating because they are about making money, but most of them are trying to squeeze every ounce of your hard earned money from your bank account. There is a new federal level organization that is accepting complaints with finance institutions, your bank, credit card companies, pay day loan companies, and internet pay day loan companies. The Consumer Financial Protection Bureau is one of those government agencies that we have been waiting for!
Credit reporting agencies will be monitored and reviewed for the way they operate. Think of the Consumer Financial Protection Bureau, as the SEC of the financial industry for consumers. The CFPB is looking for fresh new complaints about your situation. Those complaints can be new or old, but this is additional ammo for you to try to resolve a valid complaint with a company. The CFPB is looking for people who have had negative experiences with various finance products that are available. They are also looking for good and bad stories about your transaction. Did you have a good experience; they want to hear about it, not just the bad experiences. I have worked with great financial institutions, and some very bad ones. I have had my own credit used in different states and I was forced to try to prove it wasn’t me. This is something the CFPB wants to know about. We all have our own stories and justsimple info about what has happen over our lives. It is now a time to reemphasize the importance of the consumer voice and that we can and will make a difference. Do not be afraid to file a complaint. Sometimes it can take awhile to get a response back, but the time and effort put into submitting a valid complaint can and will be rewarded once they look into your valid complaint and it is corrected. Here are some of the things available to you via the Consumer Financial Protection Bureau:
· They have reports for people to review regarding practices in the various financial industries. You can look at how businesses really perform when consumers are not looking.
· You can submit a complaint regarding any financial company like a bank or brick and mortar payday loan lender. You can submit a complaint regarding a internet payday loan lender. When you submit a complaint, they will forward the complaint to the company and provide update to you if it is resolved. Don’t underestimate this portion of this new government agency. Enough complaints about a particular company can start an investigation.
· They want you to tell your story about your experience you had with a company. I have had plenty of good and bad experiences, and this is a good feature to have on the website. Think of it like the Better Business Bureau, only connected to the federal government.
· They have a repaying student debt section to help those looking to pay down the debt or get information if they are behind in paying down their debt.
· They have a guidance section that describes how they will supervise financial institutions which can help you when you are dealing with a business. You will know if they are doing their job, based on what the CFPB is looking for.
· My favorite portion of the website is the Regulations section. Sometimes if you study a few regulations and then visit the website of a financial institution, you can easily tell if they are up to par with the law. It is nice to have a website that easily lays out the final rules, and proposed regulations for the bureau to operate and enforce in the industry.
This is something that the public has needed. When multi-billion dollar businesses start to fight back at a government agency that is looking to regulate them and watch how they operate, it is something to talk about. Not every business needs oversight, but too many financial institutions think they can operate without any repercussion, and it is great that we as consumers have a government agency that hopefully will not be caught up in red tape, and with their first action against a credit card company, it shows promise that something can and will be done.
Thank you, JustSimple Info
- CFPB > Consumer Financial Protection Bureau
Our vision is a consumer finance market place that works for American consumers, responsible providers, and the economy as a whole.