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Do Consumers Need the CFPB?
Posted by: Elizabeth Ridlington on
The Consumer Financial Protection Bureau helps protect consumers in the financial marketplace, which includes banks, debt collectors, mortgage and vehicle lenders, credit card companies, credit bureaus, payday lenders, student loan servicers, and other financial actors. The CFPB protects all consumers by implementing fair, clear and transparent rules to protect consumers in the financial marketplace.
It also helps individual consumers who are having a problem with a particular bank, lender or other financial company, by helping consumers get a response from the company. The CFPB has helped consumers receive more than 750,000 responses from companies.
Consumers can submit a complaint to the CFPB regarding a variety of financial entities. In 2016, consumers submitted:
- 28,000 complaints about banks,
- 51,000 complaints about mortgage companies,
- 88,000 complaints about debt collectors,
- 26,000 complaints about credit card companies,
- 54,000 complaints about credit bureaus,
- 12,000 complaints about student loans, and
- 7,300 complaints about pay day lenders.