The Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (“CFPB”)Past _due _img is an agency created by our federal government,
responsible for protecting and regulating financial services
relating to consumers.  The bureau was created in response to
the financial crisis our country underwent during the recession of
this century.  The bureau, which became effective on July 21,
2011, is responsible for policing banks, credit unions, payday loan
lenders, mortgage banks, collection agencies and other financial
institutions.  The CFPB focuses the majority of its efforts on
monitoring the credit card industry, student loans and the mortgage
industry. 

According to Richard Cordray, the first and current director of
the bureau, the purpose of the bureau is to “promote fairness and
transparency for mortgages, credit cards and other consumer
financial products and service.  The central mission of the
Consumer Financial Protection Bureau is to make markets for
consumer financial products and services work for Americans-whether
they are applying for a mortgage, choosing among credit cards, or
using any number of other consumer financial
products.”   

The CFPB is responsible for drafting an annual written report
describing its efforts taken in overseeing
compliance with the Fair Debt Collection Practices Act

(“FDCPA”).  In this year’s report Cordray explained that about
one out of ten Americans are subject to debt collection activity
for debts averaging around $1,500 each.  The CFPB intends to
make the consumer finance market guidelines more effective by
enforcing the existing rules in place, such as the
FDCPA
, thus empowering consumers.

If you feel your rights have been violated as a consumer in
relation to your financial affairs, contactSmithMarco P.C. for a  free case review.