July 28, 2011
The Consumer Financial
Protection Bureau is Now Fully Operational
In July 2010, Congress passed and President
Obama signed the Dodd-Frank Wall Street Reform and Consumer
Protection Act (The Act). The Act created the
Consumer Financial Protection Bureau (CFPB). The CFPB consolidates
most Federal consumer financial protection authority in
one place. The consumer bureau is focused on one goal: watching
out for American consumers in the market for consumer financial
products and services.
The CFPB became fully operational this week. Among other things, the CFPB:
- Conducts rule-making, supervision, and enforcement for Federal consumer financial protection laws;
- Restricts unfair, deceptive, or abusive acts or practices;
- Takes consumer complaints;
- Promotes financial education;
- Researches consumer behavior;
- Monitors financial markets for new risks to consumers;
- Enforces laws that outlaw discrimination and other unfair treatment in consumer finance.
The CFPB’s Consumer Response Center began accepting
credit card complaints yesterday on its newly redesigned
website
and through a toll-free number 1-855-411-2372. Although
the CFPB is only taking complaints specifically on credit
card issues at this time, they will address other complaints
filed through this phone line. Over the coming months, the
agency will expand its Consumer Response Center to handle
complaints about other consumer financial products and services
under its jurisdiction, including referring distressed homeowners
to housing counselors via the Homeowner’s HOPE Hotline 1-888-995-HOPE™,
a hotline staffed by HUD-approved credit counselors who
can guide you through possible options.
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