The 5-Year Anniversary of the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau will celebrate its five year anniversary tomorrow, July 21. To commemorate the occasion, the organization published a report showcasing some of its biggest accomplishments during its existence.
According to the CFPB, their efforts have provided over $11.7 billion in financial relief to 27 million harmed customers in the United States. The organization has taken action in multiple areas of the lending, banking, and credit card sectors in order to ensure that consumers are being treated fairly. They have confronted credit card companies about unfair business practices and marketing tactics, and have talked to banks about providing lower risk checking accounts for their customers.
The organization says it has handled over one million consumer complaints in the last five years, ranging from credit reporting discrepancies to prepaid card fees. All published complaints are available for review on the CFPB’s website.
Recently, the CFPB has been paying close attention to the mandatory arbitration clauses found in most credit card agreements. These clauses limit consumers’ abilities to take legal action against their credit card companies.
In their anniversary report, the CFPB said, “We’re seeking comment on a proposed rule that would ban companies from using arbitration clauses to block groups of consumers like you from filing lawsuits to pursue justice and relief for wrongdoing.”
Despite the controversies how the CFPB operates, the report points out the Bureau’s accomplishments, and promises to make great strides in the future.