Consumer Financial Protection Bureau (2024)

FAQs

Does filing a complaint with CFPB do anything? ›

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.

Here's a look at some of the CFPB's achievements, by the numbers: $17.5 billion – The amount of money the CFPB has put back in Americans' pockets in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement and supervision work.

What happens after you dispute with a credit bureau. However you filed your dispute, the credit bureau has 30 days to investigate it. If the credit bureau considers your request to be “frivolous” or “irrelevant,” they will stop investigating, but they need to notify you of that and give the reason.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

Our work includes: Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law. Enforcing laws that outlaw discrimination in consumer finance. Taking consumer complaints.

Here's how to tell if it's legit. If you have received a check from the CFPB, it is because we have taken an enforcement action against a person or company for violating a consumer financial protection law, and you are eligible for compensation as a result of this violation.

Republicans and financial industry critics, many of whom have opposed the bureau since its inception, have long argued that the funding scheme allows the agency to escape accountability. They see the agency as an out-of-control regulator with too broad a purview and too few checks on its power.

How can CFPB help me? ›

We help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. Tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.

For any violation of a law, rule, or final order or condition imposed in writing by the CFPB, a civil money penalty of up to $5,000 for each day during which such violation or failure to pay continues.

If your dispute is denied, then the charge will go back on your credit card. You're legally entitled to an explanation about why your dispute was denied and how you can appeal the decision. Your credit card company will likely send you both the explanation and instructions on how to appeal in writing.

What happens if you falsely dispute a credit card charge? Purposely making a false dispute is punishable by law and could lead to fines or imprisonment.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

The FCC cannot resolve all individual complaints, but we can provide information about your possible next steps. The collective data we receive from complaints helps us keep a pulse on what consumers are experiencing, may lead to investigations and serves as a deterrent to the companies we regulate.

The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights ...