The Consumer Financial Protection Bureau is a federal agency founded in 2011 and established in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is tasked with educating and protecting consumers in their dealings with banks, credit unions, and other financial services. This past July, the Senate confirmed Richard Cordray as the Bureau’s director, allowing the agency to begin writing and implanting new rules for the financial industry.
While still in its institutional infancy, the CFPB offers consumers several avenues of assistance to avert their financial worries. The CFPB website has all of the agency’s resources available for consumers to access with the click of a mouse.
These resources include:
- An “Ask the CFPB” page with answers to almost any financial question
- A student loan guide to help students understand the cost of college and find the right kind of loan
- A mortgage guide for those seeking help paying their mortgage and facing foreclosure
- A set of letters for responding to aggressive debt collectors
- A guide on financial protection specially tailored for senior Americans and the dangers they face
- A guide for service members and veterans to help them plan for their futures and protect their finances
The Consumer Financial Protection Bureau has been a leader in government transparency. Those interested in investigating how this agency works can go to its dedicated open government page. Here you can find information on everything from the bureau’s organizational structure to detailed budgetary documents.
Financial industry regulations that the CFPB has enacted since its formation are detailed on the regulations page. These rules have helped to make banking more fair and accessible to all Americans.
Besides the trove of resources available on their website, the CFPB also has a hotline that can be reached at (855) 411-CFPB.
Bank smart and safely with this helpful federal agency.