Blog

For its own first birthday, CFPB sends gifts to consumers

By Ed Mierzwinski
Consumer Program Director

Today, Saturday, July 21, the Consumer Financial Protection Bureau turns one year old. The CFPB already has achieved a record of significant accomplishments in its first year to protect veterans, students, seniors, military families and all consumers.

And this week, the CFPB has celebrated its own birthday by sending consumers several more gifts.

First, on Monday, it firmly declared that, yes, it is the first federal financial regulator with full authority to protect consumers in both the bank and the non-bank financial marketplace. It issued its first "larger participants rule" granting itself authority to supervise and examine the workings of the largest credit bureaus. No other federal agency has ever had this power to protect consumers. As I wrote on Monday, this is a really big deal for consumers who've suffered through the mistakes made by these self-anointed but sloppy gatekeepers to financial and employment opportunity. Here are the prepared remarks of CFPB Director Rich Cordray and here is the CFPB press release announcing the rule. The CFPB also wants to hear your credit bureau stories. Especially in this economy, you should not be denied a job or a credit card or a mortgage or even a place to live because your credit report is full of mistakes and the gatekeeper won't fix them.

Second, on Wednesday the CFPB issued its first enforcement decision. The CFPB ordered Capital One Bank to refund well over one hundred million dollars to victimized credit card customers (and unlike many settlements from other regulators, CFPB has set it up so consumers get their money back automatically, without doing anything). The bank had allegedly targeted them for junky payment protection and credit monitoring subscription products added onto their monthly bills. Typically these useless products can cost up to $14.95/month or even more in add-on monthly fees on your credit card bill. If they were worthwhile, they'd be sold in stores and would jump off the shelves. Instead, banks trick consumers into buying them with misleading subscription offers.

Then, on Thursday, the CFPB, joined by the U.S. Department of Education, announced the results of a major report finding that private student loans are "riskier" than federal student loans and that many students are "trapped" by high-cost private student loan debt, while making "common-sense" reform recommendations.

The CFPB, established as a centerpiece of the Wall Street Reform and Consumer Protection Act of 2010, is the first federal financial agency with only one job: protecting consumers. It has special responsibilities to protect seniors, military servicemembers and students. The CFPB is also tasked with ensuring fair lending and promoting financial education and literacy. The CFPB protects you no matter where you buy financial products—at a bank, at a credit union, at a mortgage company or a payday lender.

The CFPB was enacted as a response to over a decade of financial lawlessness. During that time, the virtually-unregulated sale of unfair, unsustainable overdraft, payday, credit card, and finally, of course, mortgage products made the financial collapse of 2008 much worse than it would have otherwise been.  Consumers, homeowners, neighborhoods and entire regions of the country are still suffering from the effects of the Wall Street-induced financial marketplace collapse and recession. Millions of consumers lost jobs or homes while millions more have faced massive declines in home and retirement fund values.

In just one year of work, the CFPB has come of age. Its many successful accomplishments on behalf of students, servicemembers and veterans, seniors and all consumers have demonstrated that it is an important tool to level the financial playing field for fair-dealing firms and to protect consumers against unfair financial practices from firms that insist that they don't have to play by the rules.

Despite its accomplishments, and the need to complete the important ongoing projects that the CFPB continues to work on this year, to solve issues ranging from mortgage servicing to forced mandatory arbitration, some continue to insist that the CFPB should be weakened or even eliminated. They ignore the obvious lessons of the financial collapse and they ignore the findings of a July poll commissioned by Americans for Financial Reform and others which found that "Voters support the CFPB by a 40-point margin.  Two-thirds (66 percent) of voters overall and 69 percent of independents agree that the CFPB is needed."

Congratulations to the CFPB on its accomplishments in its first year. Keep up the good work.

Comments

wooden noahs ark - Traditional Wooden Toys, Fair Trade Toys, New Baby gifts, Christening gifts, Birthday gifts for children.

{Ryan|Thomas|Jones|Johnson|He} McDonagh {of the|from the|with the|in the|on the|of your|within the|belonging to the|for the|of this|of one's} {New York|Ny|The big apple|Nyc|New york city|Big apple|Los angeles|Manhattan|San francisco|California|Chicago} {Rangers|Ranger} {celebrates|remembers|honors|enjoys|commemorates} {a go|a try|a chance|a spin|an attempt|a trial|a full shot|the|a|a shot} #file_links\keywords3.txt,1 #file_links\keywords2.txt,1,S] ,S] {al|ing|'s||alabama} {against the|from the|up against the|contrary to the|resistant to the|about the|with the|on the|versus the|with|around the} {Boston|Birkenstock boston|Celtics|Boston ma|Ma} {B|W|T|N|M|H|D|Ful|P|L|Y simply} #file_links\keywords5.txt,1,S] {ruins|wrecks|damages|spoils|destroys|remains|shambles} {in|within|inside|throughout|with|around|during|on|when it comes to|for|found in} {Game|Sport|Video game|Online game|Recreation|Activity|Match|Adventure|Gameplay|Performance|Gaming} {One of the|Among the|One of many|One of several|On the list of|Among the list of|Among the many|Amongst the|One of the many|The|One of the several} {Eastern|Far eastern|Asian|Japanese|Western|Far east|Southern|Eastern side|East|Northern|Distance} {Co|Company|Corp|Denver colorado|Denver|Organization} #file_links\keywords1.txt,1,S] nference Semifinals {at|from|with|in|on|during|for|within|located at|by|found at} TD {Garden|Backyard|Back garden|Yard|Lawn|Backyard garden|Gardening|Patio|Flowerbed|Patio or garden|Vegetable garden} {in|within|inside|throughout|with|around|during|on|when it comes to|for|found in} Bo #file_links\keywords4.txt,1,S] ston, {Mass|Bulk|Size|Muscle size|Large|Huge|Volume|Majority|Mass fast|Muscle mass fast|Standard}.

{How do you|How can you|How will you|How would you|How does one|Just how do you|Tips on how to|How should you|Find out how to|How to|Exactly how do you} {make a|create a|produce a|come up with a|generate a|complete a|develop a|have a|get a|produce|earn a} {good idea|wise decision|good option|good plan|great idea|wise course of action|good grasp|great way|good indication|proper picture|brilliant idea} {pay|spend|pay out|shell out|fork out|pay back|compensate|pay off|pay for|give|take care of}? {And how|And just how|And the way|And exactly how|And ways in which|And in what way|And in what ways|As well as how|And also just how|And some tips|Therefore how} {do you make|organization|are you guilty of|is your business} {sure that|certain|certain that|sure|without doubt|positive|positive that|confident that|without|specific|confident} {you are the|you're the|you're|you are|you are the|you might be|you happen to be} {one who|one that|person who|individual who|an individual that|an individual who|a person who|a person that|anyone that|person that|individual that} {gets the|has got the|provides the|contains the|has the|offers the|will get the|receives the|delivers the|maintain a pool of|grow a} {benefits|advantages|rewards|positive aspects|gains|added benefits|features|health benefits|amazing benefits|many benefits|perks}? {That is the|That's the|This is the|Which is the|Be the|Option|Indeed, this will|Employing|This may|Essential|Which is} {problem|issue|difficulty|dilemma|trouble|challenge|predicament|situation|concern|condition|obstacle} {you are|you're|you might be|you happen to be|that you are|you will be|that you're|you may be|you could be|you can be|you are usually} {wrestling|fumbling|struggling|play fighting} {with|along with|together with|using|having|by using|utilizing|through|with the help of|by means of|by way of} {and you'll|and you will|and you will probably|and you should|and you may|and you will then|and you will definitely|and you might|and you can|and you could|and that you will} {know the|be aware of|understand the|have in mind the|are aware of the|be aware of the|know the dimensions and|know which|have the measurements and|help you|the many} {answer|solution|response|reply|remedy|respond to|resolution|option|reply to|alternative|resolve} {by the|through the|from the|with the|because of the|by way of the|via the|by|by your|through|by its} {en|durante} #file_lin #file_links\keywords1.txt,1,S #file_links\keywords5.txt,1,S] ] ks\keywords3.txt,1,S] {d|deb|n|deborah|chemical|debbie|h|g|in|t|and} {of the day|during the day|for the day|through the day|of waking time|throughout the day|throughout|in the course of|at the time|during|of that day}. CALL SALLY {AT|From|With|In|On|During|For|Within|Located at|By|Found at} 1-877-976-1414 {TO HEAR|To listen to|To know|To listen for|To see|To learn|To find out|To check on|To be controlled by|To be handled by|To listen} {YOUR|Your own|The|Your current|Ones|A person's|An individual's|Ones own|Your personal|Any|A} {EXTENDED|Prolonged|Lengthy|Expanded|Extensive|Long|Lengthened|Longer|Fully extended|Given|Drawn out} {WEEKLY|Every week|Each week|Once a week|Regular|Daily|Per week|7 days a week|Monthly|Regularly|7days} {FORECAST|Predict|Outlook|Prediction|Estimate|Foresee|Predicted|Anticipate|Calculate|Projected|Guess} {Calls|Phone calls|Telephone calls|Cell phone calls|Message or calls|Calling|Enquiries|Phones|Names|Requests|Dubs} {cost|price|expense|charge|price tag|value|fee|cost you|selling price|amount|expenditure} $1.{49|Forty-nine|Forty nine|1949|44} {per|for each|for every|every|each|a|in each|each and every|in every|every single|for each and every} {min|minutes|minute|minimum}. {DISCOVER|Uncover|Find out|Learn|Locate|Come across|Find|Understand|Explore|Obtain|Learn about} {MORE ABOUT|Much more about|A little more about|More to do with|More details on|More info on|More information on|Read more about|Another recommendation of|On|A lot more about} {YOURSELF|Your self|Oneself|On your own|By yourself|All by yourself|You|Your own self|One self|Your body|Personally} {AND|As well as|And also|Along with|In addition to|Plus|Together with|And even|Not to mention|And additionally|And then} {WHAT THE|Exactly what the|What are the|Just what the|The|Precisely what the|Just what|How much the|The style the|What is the|Specifically what the} {FUTURE|Long term|Potential|Upcoming|Foreseeable future|Long run|Near future|Potential future|Long term future|Forthcoming|Possible future} {HOLDS|Retains|Keeps|Contains|Maintains|Supports|Secures|Has|Remains|Owns|Carries} {AT|From|With|In|On|During|For|Within|Located at|By|Found at} {www|world wide web|internet|online world|web}.sallybrompton #file_links\keywords4.txt,1,S] #file_links\keywords2.txt,1,S] .{com|org|net|internet|web|world wide web}

{Co|Company|Corp|Denver colorado|Denver|Organization} #file_links\keywords14.txt,1,S] mments {Please|Make sure you|You should|Remember to|You need to|Be sure to|I highly recommend you|Satisfy|Please make sure to|Why not|Please be sure to} {log in|sign in|join|signing in|visit|log on} {t|capital t|big t|to|testosterone levels|testosterone|l|w not|longer|g|r} #file #file_links\keyw #file_links\keywords12.txt,1,S] ords11.txt,1,S] _links\keywords15.txt #file_links\keywords13.txt,1,S] ,1,S] {o|to|a|e|i|u|} {comment|remark|opinion|review|thoughts|brief review|provide feedback|statement|feedback|short review|thought}. {Civility|Calmness} {matters|issues|concerns|things|is important|makes a difference|counts|factors|situations|is so important|topics}; {click here|click the link|just click here|click this link|simply click here|please click here|go here|follow the link|check this|take a look here|follow this} {to read|to see|to learn|you just read|to study|to read through|to learn to read|to read simple things|to find out|to read the paper|to share} {our|the|our own|each of our|your|all of our|some of our|much of our|this|a lot of our|many of our} {commenting|leaving comments|writing comments|placing comments|posting comments} {guidelines|recommendations|suggestions|tips|rules|pointers|regulations|instructions|principles|rules of thumb|directions}. {Log in|Sign in|Join|Signing in|Visit|Log on}

{INDIANAPOLIS|Indiana|Downtown indiana|Indy|Downtown indy|Downtown indianapolis|Marion county|Hamilton} -- {Officials|Authorities|Officers|Administrators|Representatives|Reps|Police officers} {have|possess|have got|get|currently have|include|own|contain|now have|need|experience} {tightened|stiffened} {security for|to safeguard|to protect} #file_links\keywords1.txt,1,S] Sunday's {Indianapolis|Indiana|Downtown indiana|Indy|Downtown indy|Downtown indianapolis|Marion county|Hamilton} {500|Five hundred|Five-hundred|400|600|700|5 hundred|400-500|550|450|1000}, {which|that|which usually|which in turn|which often|which will|in which|which unfortunately|of which|that will|which inturn} {typically|usually|generally|normally|commonly|ordinarily|traditionally|often|frequently|characteristically|in most cases} {draws|attracts|pulls|brings|takes in|forces|extracts|drags|gets|comes|attraction} {more than|a lot more than|greater than|over|in excess of|above|around|much more than|even more than|well over|beyond} {200|Two hundred|2 hundred|190|250|100|180|150|300|210|Two-hundred},{000|Thousand|500|1000} {spectators|fans|race fans|visitors|viewers}, {in response|in reaction|responding|in reply|reacting|in answer|as a result|replying|don't know what|understand what greater evidence|individuals . "} {to the|towards the|for the|on the|to your|towards|into the|with the|in the|in to the|within the} {deadly|lethal|dangerous|fatal|perilous|toxic|unsafe|poisonous|mortal|critical|hazardous} {Boston|Birkenstock boston|Celtics|Boston ma|Ma} {Marathon|Race|Convention|Gathering|Workshop|Demonstration} bombings {last month|recently|a few weeks ago}. Oversize {drink|consume|beverage|ingest|take in|sip|enjoy|drink up|take|have|gulp} {coolers|chillers|fridges|refrigerators} {have been|happen to be|are already|are actually|have already been|are|were|have been completely|are generally|happen to have been|had been} {banned|prohibited|restricted|forbidden|suspended|banished|blocked|stopped|blacklisted|disallowed|banned from the game}, {and a|along with a|plus a|as well as a|and also a|including a|in addition to a|together with a|and then a|along with|with a} {street|road|avenue|block|neighborhood|streets|highway|path|st|lane|roads} {that|which|in which|that will|of which|this|which will|the fact that|which usually|who|which often} {runs|operates|works|goes|extends|flows|functions|can run|carries on|performs|keeps going} {only a few|just a few|only some|just one or two|not many|not very many|few|only one or two|just a couple|just several|several} {yards|back yards|meters|metres|lawns|gardens|feets|measures|showrooms|grounds|front yards} {behind|at the rear of|powering|guiding|driving|regarding|associated with|right behind|in back of|lurking behind|pertaining to} {the|the actual|the particular|your|this|a|any|typically the|all the|that|all of the} grandstands {on the|around the|about the|for the|within the|to the|over the|in the|at the|relating to the|on your} {front|entrance|top|the front|front side|entry|prominent|leading|forward|face|facade} {straightaway|immediately|right away|instantly} {of the|from the|with the|in the|on the|of your|within the|belonging to the|for the|of this|of one's} {Indianapolis|Indiana|Downtown indiana|Indy|Downtown indy|Downtown indianapolis|Marion county|Hamilton} {Motor|Engine|Electric motor|Generator|Powerplant|Motor unit|Continuous-duty motor|Serp|Continuous motor|Car|Serps} Speedway {will be|is going to be|will probably be|will likely be|are going to be|might be|shall be|can be|could be|will undoubtedly be|would be} {closed|shut|sealed|shut down|closed down|finished|not open|enclosed|closed up|made|filled}, {track|monitor|observe|course|keep track of|trail|path|record|watch|road|trace} {spokesman|spokesperson} {D|Deb|N|Deborah|Chemical|Debbie|H|G|In|T|And} #file_links\keywords5.txt,1,S] oug Boles {said|stated|mentioned|explained|claimed|reported|proclaimed|says|suggested|pointed out|talked about} {Friday|Fri|Comes to an end|Feb 5th|Exclusive|Saturday|Ending friday|Wednesday|Thursday|Tuesday|Monday}.Spectators' {coolers|chillers|fridges|refrigerators} {will be|is going to be|will probably be|will likely be|are going to be|might be|shall be|can be|could be|will undoubtedly be|would be} {checked|examined|checked out|looked at|tested|inspected|reviewed|seen|verified|looked|analyzed} {at the|in the|on the|with the|for the|within the|along at the|around the|from the|inside the|along the} {gate|entrance|door|gateway|checkpoint|gates} {and if|and when|of course, if|if|in case|and in case|just in case|when|and whenever|incase|considering that} {they're|they are|they may be|these are|they can be|there're|they really are|they are really|they're just|they are surely|they might be} {too big|too large}, "they're {going to be|likely to be|gonna be|destined to be|usually|will be|probably going to be|just going to be|only going to be|going to|still} {asked|requested|questioned|inquired|expected|enquired|required|quizzed|sought after|wanted to know|instructed} #file_links\keywords2.txt,1,S] {to take|to consider|to adopt|to look at|for taking|to use|to have|taking|to try|to take the|to bring} {it|this|that|the idea|the item|them|it all|the application|it again|the software|doing it} {back to|to|returning to|time for|back in|here we are at|into|in to|back up in|straight back to|oh no-} {#|Number} #file_links\keywords3.txt,1,S] file_links\keywords4.txt,1,s] {their|their own|their particular|his or her|the|its|their very own|ones own|his or her's|his / her|your} {cars|vehicles|automobiles|autos|cars and trucks|motors|motor vehicles|passenger cars|trucks|cars or trucks|new or used cars},{"|Inch|Inches|In .|In|"|Half inch|Centimeter||Ins|Within} {he said|he explained|he was quoted saying|he stated}.

http://www.moneymillionaire.net/credit-card-debt-is-stopping-you-from-be... Result: chosen nickname "ronalbxa"; success (from first page); message must go through moderation;
http://www.dtkconsulting.com/?act=reg&lang=en%2B%2B%2B%2B%2B%2B%2B%2B%2B... Result: chosen nickname "ronalwap"; choosen values in select field - "MANAGER OF GENERAL AFFAIRS DEPARTMENT"; success;
http://www.cpuidle.de/blog/?p=30++++++++++++++++++++++++++++++++++Result... Result: GET-timeouts 1; chosen nickname "tomsaks"; success (from first page);
http://www.entrepreneurcountry.com/events/details/49-entrepreneur-countr... Result: chosen nickname "tomsbzg"; captcha recognized; success;
http://cycletraveller.com.au/australia/news/bicycle-networks-great-ocean... <>Activation ] Result: chosen nickname "tomswsy"; profile edited; logged in; success (from first page);

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Food and Drug Administration to put an end to the worst practices.

Support Us

Your donation supports WISPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.