Essentially, the CFPB is a watchdog agency tasked with protecting consumers from unscrupulous lenders and other financial Institutions. Though the Agnecy has some unique responsibilities, it would also assume existing duties once carried out by the Federal Trade Commission and other government agencies. The aim of CFPB is to make Consumer Financial Markets
work for the consumers, responsible providers, and the Economy as a
whole. CFPB protects consumers from unfair, deceptive, or abusive
practices and take action against companies that break the law. The CFPB
arm people with the information, steps, and tools that they need to
make smart financial decisions. The
CFPB works towards a market that works, where prices, risks, and terms
of the deal are clear upfront so that consumers can understand their
options and can shop in a competitive environment. The goal of CFPB is
to create an environment where companies play by the same consumer
protection rules and compete fairly on providing quality and service. To
achieve this vision, the CFPB works towards: Empowerment:
To create tools, answer common questions, and provide tips that help
consumers navigate their financial choices and shop for the deal that
works best for them. Enforcement:
To take action against predatory companies and practices that violate
the law and have already returned billions of dollars to harmed
customers. Education:
To encourage financial education and capability from childhood through
retirement, publish research, and educate financial companies about
their responsibilities. The
Core function for the creation of the CFPB is to provide a single point
of accountability for enforcing federal consumer financial laws and
protecting consumers in the financial marketplace. Before CFPB was
created, the responsibility was divided among several agencies. The
CFPB is divided into a number of different units, including the Office
of Fair Lending, Consumer Complaints, Research, Community Affairs and
the Office of Financial Opportunity. |