Financial well-being resources | Consumer Financial Protection Bureau (2024)

FAQs

Is the Consumer Financial Protection Bureau legit? ›

The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.

The financial well-being score provides a common metric that allows a comparison of financial well-being across people and over time. The financial well-being scale is a free tool to help you measure the financial well-being of people you serve.

Financial well-being describes a condition wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.

How do I interpret the score? CFPB Financial Well-Being Scale score is a number between 0 and 100. A higher score indicates a higher level of measured financial well-being, but there is not a specific cut-off for a “good” or “bad” financial well-being score.

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.

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.

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.

The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

Having a problem with a financial product or service? 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.

(2020, p. 1596) found that FWB has three dimensions: meeting expenses and having some money left over, being in control, and feeling financially secure.

What is the financial well-being dimension? ›

Financial Well-Being

Financial wellness is one of eight dimensions that contribute to overall health and wellness. Financial wellness encompasses all aspects of wellbeing pertaining to finances including knowledge and skills of financial planning and managing expenses.

The WB-NRSs-CV consists of five items on a 10-point numerical rating scale, ranging from 1 (absolute distress) to 10 (complete well-being). Each item on the scale measures a specific domain: physical, mental, social, spiritual, and general well-being. A higher score relates to a higher level of well-being (22).

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.

We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.

Understand how the CFPB's Debt Collection Rule can help you

On November 30, 2021, the Debt Collection Rule became effective. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you.

Since the CFPB opened its doors in 2011, it has delivered more than $20 billion in consumer relief to hundreds of millions of consumers and has handled more than 4 million consumer complaints.”