The Consumer Financial Protection Bureau
May 30, 2013
We are constantly seeing and hearing more reports, recommendations and other “news” from the Consumer Financial Protection Bureau or the CFPB. This blog will briefly summarize when the CFPB was created, why it was created and the major goals of the agency.
The CFPB first began operating in 2011 pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB was created in response to the recession and housing market downturn of which we are all still recovering.
The main goal of the CFPB is simple: protect the consumer. Specifically, the CFPB’s stated goals are to: enhance consumer confidence by enforcing federal laws, provide free information to consumers in an effort to prevent fraud and deception and allows for consumers to file complaints with the CFPB.
Consumers may file complaints against businesses for a variety of reasons, such as fraud, deception or other unfair acts. It is important that Nevadans are aware of the CFPB and the resources it offers in furtherance of protecting the consumer. Consumers should not hesitate to contact the CFPB for assistance, information or enforcement of federal consumer protection laws. Additionally, the CFPB provides a wealth of information, updates and reports on their website at http://www.ftc.gov/bcp/index.shtml.
For additional information or questions, contact Cogburn Law Offices today. We can help.