In an article on CTWatchdog.com regarding the new Consumer Financial Protection Bureau (CFPB), the CFPB will now start fielding complaints from consumers about “deceptive or abusive” financial products or services, which include credit cards, check cashing and pay day loans, among other.
The new head of the CFPB, “Special Advisor” Elizabeth Warren, was given the job by President Obama and is now responsible for spearheading the new agency.
Created under the Dodd-Frank Act of 2010, the CPFB is a highly controversial, political lightning rod that will be highly scrutinized. The CFPB will now be accepting complaints by letter, phone, email as well as on the CPFB website. The banking and financial institutions are very concerned about how the complaints will be administered and how they will be made publicly available.
With the new regulation now in place, the CFPB will have the ability to enforce rules on credit card issuers, mortgage lenders and other banking and financial institutions. In fact, the CFPB will now have the power to impose fines on offenders that violate these consumer protection laws of as much as “$1 million a day”.
Consumers looking to file a complaint against credit card issuers can do so here: