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Presenting the Consumer Financial Protection Bureau: What is it?

On Behalf of | Jan 2, 2015 | Debt Relief

We noted in our immediately preceding blog post (please see our entry dated November 26) that consumers in Florida and nationally “need to be ensured that a level playing field exists to guide their engagement in financial matters.”

The reason for that, of course, is that an unbridled capitalism without governors or logical restraints can become abusive in a hurry, with even the most conscientious and wary of consumers becoming vulnerable targets of scams and other abusive practices.

As we noted in that above-cited entry, the United States Consumer Financial Protection Bureau was established by congressional fiat a few short years ago to provide needed protection for consumers dealing with financial products.

What exactly is the CFPB?

As noted in an online information source discussing the CFPB, the core of the bureau’s central mission “is to make markets for consumer financial products and services work for Americans.”

What that implies is a close CFPB focus on usurious practices by credit card companies and other lenders. The bureau’s scrutiny also extends to things like vehicle dealership fraud, unethical student loan lending practices and collection agency harassment.

The CFPB, which is an independent entity under the aegis of the Federal Reserve, actively drafts rules and regulations applicable to actors operating across the wide universe of financial commodities and services.

The bureau’s regulators also investigate consumer allegations against fraud or deception in the financial industry. A consumer can file a complaint with the CFPB directly on its website.

The CFPB provides obviously valuable services for consumers across the country, and is a useful adjunct tool for investigating claims of financial fraud and abuse.

In many instances, of course, a consumer facing pressing problems relating to debt, harassing collection behavior or other financially related matters might reasonably want to turn to a proven debt-relief attorney for assistance.

An experienced consumer-empathetic attorney can serve as a strong legal advocate for a client, with the fiduciary relationship that marks attorney-client contact ensuring that the client’s best interests will be fully promoted at all times.

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