About us | Consumer Financial Protection Bureau (2024)

FAQs

Is the Consumer Financial Protection Bureau a real thing? ›

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.

Ramirez v. OneMain Financial Group LLC

OneMain Financial has been hit with a class action that claims the lender has extended unlawful loans to thousands of active-duty servicemembers.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.

The functions of the CFPB to assist people in borrowing money or using other financial services include: implementing and enforcing Federal consumer financial laws; reviewing business practices to ensure that financial services providers are following the law; monitoring the marketplace and taking appropriate action to ...

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

Sometimes you change your mind. And that's okay. Which is why we give you 7 days to cancel your loan if you still have the funds — no questions asked. Just tell us you want to cancel, then return the money, within 7 calendar days from the date on your loan agreement.

Will OneMain Financial Repo My Car? If you have an auto loan with One Main, then your car is listed as collateral for the loan. So if you don't repay your loan on time, they can take possession of your car. In most instances, One Main Financial will not repo your car until you are a few months behind on the payments.

If you need a quick loan, both Personify and OneMain Financial may be able to fund you. Despite high rates and multiple fees, they are two of very few personal loan lenders that are less predatory than lenders offering payday loans or similar products.

We receive funding from the Federal Reserve Board.

Who runs the Consumer Financial Protection Bureau? ›

Rohit Chopra - Consumer Financial Protection Bureau | LinkedIn.

The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions, and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.

The central mission of the Consumer Financial Protection Bureau is to regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws and to educate and empower consumers to make better informed financial decisions.

Financial consumer protection refers to laws, regulations and other measures generally designed to ensure fair and responsible treatment of financial consumers in their purchase and use of financial products and services and their dealings with financial services providers.

Provide speedy redress to consumer complaints and end the unscrupulous exploitation of consumers. Educate consumers and champion consumer interests at appropriate forum. Enforce all enactments aimed at protecting consumers.

“The CFPB is here to stay. In a 7-2 decision, the Supreme Court followed the law and confirmed that the CFPB's funding structure is constitutional. For the last decade, the consumer agency has fought the big banks and predatory lenders that try to cheat hardworking people.

Understand how the CFPB's Debt Collection Rule can help you

On November 30, 2021, the Debt Collection Rule became effective. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you.