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FAQs
The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.
Does filing a complaint with CFPB do anything? ›
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.
How effective is the CFPB? ›
In 2023, the CFPB filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits. Those orders require lawbreakers to pay approximately $3.07 billion to compensate harmed consumers and pay approximately $498 million in civil money penalties.
Do credit bureaus really investigate disputes? ›
What happens after you dispute with a credit bureau. However you filed your dispute, the credit bureau has 30 days to investigate it. If the credit bureau considers your request to be “frivolous” or “irrelevant,” they will stop investigating, but they need to notify you of that and give the reason.
Can the CFPB get your money back? ›
If you're having trouble with a credit card, you can submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). If you're not satisfied with the merchant's response, you may be able to dispute the charge with your credit card company and have the charge reversed. This is sometimes called a chargeback.
Why am I getting a letter from CFPB? ›
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.
Does the CFPB have any power? ›
The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.
How long does a CFPB investigation take? ›
Consumer reporting agencies have 5 business days after completing an investigation to notify you of the results. Generally, they must investigate the dispute within 30 days of receiving it. However, it has 45 days to investigate if you dispute after receiving your free annual credit report.
What is a CFPB violation? ›
The CFPB takes action against companies and individuals who have broken consumer financial protection laws. If you've been harmed, you might be eligible to receive a payment through the Civil Penalty Fund.
What are the criticism of the CFPB? ›
Critics of the CFPB have been trying for years to limit its power and independence, attacking the way the agency is structured and funded. Like federal banking regulators, its funding is not determined by lawmakers in Congress as part of the annual appropriations process.
We help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. Tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.
Who is suing the CFPB? ›
On March 7, the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business (Plaintiffs) sued the Consumer Financial Protection Bureau (CFPB) in the United States ...
What happens if my dispute is denied? ›
If your dispute is denied, then the charge will go back on your credit card. You're legally entitled to an explanation about why your dispute was denied and how you can appeal the decision. Your credit card company will likely send you both the explanation and instructions on how to appeal in writing.
Can you get in trouble for falsely disputing credit? ›
What happens if you falsely dispute a credit card charge? Purposely making a false dispute is punishable by law and could lead to fines or imprisonment.
Can you sue for incorrect credit reporting? ›
You have the right to bring a lawsuit.
Credit reporting companies that break the law can be held liable for damages and attorney fees. In the case of a willful failure to comply with the law, the company can be liable for actual or statutory damages and punitive damages.
What does the Bureau of Consumer Protection do for consumers? ›
The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights ...
Is the CFPB a federal agency? ›
We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.
What does CFPB enforce? ›
The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.
