People have the right to be treated fairly and honestly by lenders. Borrowing terms should be easy to understand. When borrowers have a question or concern, lenders should respond to them in a reasonable time and try to resolve issues. When lenders don’t follow these simple rules who can we turn to? Congress enacting The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in 2010. Part of Dodd-Frank created the Consumer Financial Protection Bureau (CFPB) to protect consumers from illegal and misleading lending practices. The CFPB website explains its goals this way: “We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information and stepstools that they need to make smart financial decisions.” On July 21, 2016, the CFPB celebrated its fifth anniversary and published its report card. The CFPB has: Provided $11.7 billion in relief to more than 27 million consumers; Handled nearly one million consumer complaints; Clarified and simplified loan disclosure forms; The CFPB is attacking abusive debt collection tactics. Consumers now have an advocate with enough clout to make a difference. People can rely less on private attorneys to address disputes with lenders and debt collectors. The CFPB saves people money, opens the door for many who otherwise could not get help and gives people the power to stand up for their rights against big companies.
Consumer Protection Law Articles
In 2010 Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act which created the Consumer Financial Protection Bureau (CFPB) in response to the financial crisis to ensure that consumers have access to financial markets that are fair, transparent, and competitive. Through rules, oversight, enforcement of the law, and consumer engagement, the CFPB works to protect consumers, ensure they are treated fairly, and restore people’s trust and confidence in the markets they use for everyday financial products and services.
In 2008, financial markets crashed due to a number of causes. The economy tanked, millions of people lost their jobs and many companies who were deemed “too big to fail” were given a taxpayer-funded bail-out to prop them up. Many small banks and investment firms that were financially teetering on the brink of failure were bought up by larger banks. So, in the process some banks like JP Morgan Chase and Wells Fargo became even bigger than too big to fail. The American and world economies spiraled down into the deepest recession since the depression of the 1930’s. It was in this bleak atmosphere that Congress responded by enacting The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in 2010 to help prevent this type of financial crisis from happening again. It was the most comprehensive financial reform since the Glass-Steagall Act passed in 1933. Here are a few of the key ways Dodd-Frank protects consumers, taxpayers and small investors: Oversight to Head-Off the Failure of Financial Institutions Limit Banks’ Investments with Depositors' Money. Protect Consumers from Unfair, Abusive Financial Practices. It created the Consumer Financial Protection Bureau. Oversee Wall Street with greater scutinty.
The Victim's Guide to Recovery from Identity Theft: (Part 1) 5 Reasons Everyone Should Know About Identity Theft
Identity Theft can be devastating to you financially and personally. Everyone is vulnerable, especially older adults. Learn how a victim can recover from identity theft.
This article explains the five rules to follow throughout the identity theft recovery process.
Victims of identity theft should take four immediate steps: post a fraud alert on their credit report; obtain a free credit report to look for fraud; contact creditors and other third parties affected by the fraud; and make a plan.
The Victim's Guide to Recovering from Identity Theft: (Part 4) - The Big 3 Identity Theft Protection Documents
The three most important identity theft documents to create and file are: the complaint with the FTC, the identity theft affidavit, and the identity theft report.
The Victim's Guide to Recovering from Identity Theft (Part 5) – Blocking or Disputing Fraudulent Credit Activity
If you become aware of fraudulent credit information on your credit report, two of your options to resolve the problem are to either block or dispute that information. Blocking permanently removes information caused by identity theft from your credit report along with any debts or accounts created by fraud. Disputing errors differs from blocking in that it allows you to preserve a legitimate credit account while disputing certain fraudulent activity on that account.
The Victim's Guide to Recovering from Identity Theft: (Part 6) -Protecting Your Credit with a Fraud Alert
This article explains the two types of fraud alerts, initial and extended, which are available to you if you believe you are a victim of identity theft and want to protect your account from future theft.
A credit freeze actually restricts creditors' access to your credit report all together by blocking any future applications for credit or new accounts which you have not authorized.