CFPB is Open for Business

On July 21, 2011 the Consumer Financial Protection Bureau (CFPB) official opened its doors for business. The core function is to give consumers the information they need to understand the terms of their agreements with financial companies. Congress established the CFPB to protect consumers by carrying out Federal consumer financial laws, including:

  • Conduct rule-making, supervision, and enforcement for Federal consumer financial protection laws
  • Restrict unfair, deceptive, or abusive acts or practices
  • Take consumer complaints
  • Promote financial education
  • Research consumer behavior
  • Monitor financial markets for new risks to consumers
  • Enforce laws that outlaw discrimination and other unfair treatment in consumer finance

What does the CFPB mean for military families? Within the CFBP is the Office of Servicemember Affairs headed by Mrs. Holly Petraeus. The Office of Servicemember Affairs will ask CFPB bank and non-bank examiners to keep an eye out for military-specific issues and plans to make it easy for military personnel and their families to contact the CFPB with questions or complaints about consumer financial products and services.

The CFPB’s Consumer Response Center is now accepting credit card complaints on its newly redesigned website, ConsumerFinance.gov. It will also refer distressed homeowners to housing counselors via the Homeowner’s HOPE Hotline. 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.

(Source: http://www.consumerfinance.gov/pressrelease/consumer-financial-protection-bureau-ready-to-help-consumers-on-day-one/ and http://www.consumerfinance.gov/pressrelease/treasury-department-announces-holly-petraeus-to-establish-office-of-servicemember-affairs-for-consumer-financial-protection-bureau/)

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