Financial Reform

Can the CFPB help me with my student loan problem?

By | Gideon Weissman
Policy Analyst

More than 44 million Americans have student loan debt, in total owing more than $1.4 trillion. Finding the right student loan and deciding on the right payment plan can be complicated. Many borrowers also have trouble paying – more than 10 percent of student loans are at least 90 days delinquent. Fortunately, the Consumer Financial Protection Bureau (CFPB) – America’s first federal agency dedicated to protecting Americans in the financial marketplace – has resources to help.

What is the CFPB’s role in protecting consumers?

By | Gideon Weissman
Policy Analyst

The Consumer Financial Protection Bureau was created in the wake of the 2008 financial crisis with one mission: to protect consumers in the financial marketplace. But how exactly is it protecting consumers from mistreatment? We explain.

The Consumer Financial Protection Bureau (CFPB) is the first federal agency devoted to protecting consumers in the financial marketplace. In 2016, the CFPB held Wells Fargo accountable for unfair treatment of its customers.

In the 1990s, my grandmother lost $60,000 to a financial scammer who took advantage of her age and vulnerability. A lucky, and perhaps illegal, phone call from her bank flagged the problem to the family. Today, thanks to the Consumer Financial Protection Bureau, I think it’s likely the problem would be noticed and stopped sooner.

News Release | U.S. PIRG | Financial Reform

Statement on House Financial Services Committee Passage of HR 10, the Wrong Choice Act

Today, the House Financial Services Committee approved HR 10, the so-called Financial Choice Act, on a straight party-line vote. We call it the Wrong Choice Act. The bill eviscerates the successful CFPB, which has returned $11.8 Billion to over 29 million consumers in less than six years. The bill repeals much of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act enacted to protect us after the 2008 financial collapse. Our statement is below.

The Consumer Financial Protection Bureau receives more complaints about debt collection than about any other topic. The complaints are submitted by consumers who reach out to the CFPB for help resolving problems with debt collectors and other problems in the financial marketplace.

Do Consumers Need the CFPB?

By | Elizabeth Ridlington
Policy Analyst

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.

How Has the CFPB Helped Consumers?

By | Elizabeth Ridlington
Policy Analyst

The Consumer Financial Protection Bureau has helped consumers reclaim billions of dollars lost through unfair financial practices. As of the end of 2016, the CFPB had returned more than $11.8 billion to 29 million customers.

Banks Cook Books To Promote Wrong Choice Act, Attack CFPB

By | Ed Mierzwinski
Consumer Program Director

Today the House Financial Services Committee takes up the so-called Financial Choice Act, which we call the Wrong Choice Act, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and leave the CFPB an unrecognizable husk incapable of protecting consumers. Some 52 state bank associations urged support of the bill, based on a "cook-the-history-books" analysis of bank consolidation, which has not increased since 2010, even though they make the claim based on preposterous math.

News Release | U.S. PIRG | Financial Reform

Financial “CHOICE” Act is “Cruel Choice” for CFPB & Consumers & Students

U.S. PIRG release opposing new Financial Choice Act 2.0 to be considered soon in House. Our release points out that just today, the CFPB proved yet again that it is needed to protect consumers, in this case, student consumers, since student loan complaints are spiking.

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