Have you heard of the Consumer Financial Protection Bureau? The CFPB is just getting off the ground and, last week, made a bit of news with its big judgment against Capital One when…
…it ordered Capital One to return $140 million to $150 million to customers over “misleading and deceptive” marketing of credit card add-ons such as credit monitoring and payment protection services. Fox Business News
Now, I will admit, I think of myself as a “small government” guy. You tell me that they have just established a whole new Federal agency, and I get suspicious. In general, though, the CFPB is getting some good press – even from FOX News, if you can believe it.
Here’s a list of CFPB’s early achievements, according to one consumer guru:
- Regulating consumer credit bureaus such as Experian to ensure they keep accurate records and correct errors in a timely manner.
- Expanding consumer protection rules to cover remittance transfers, which millions of Americans use to send money to relatives overseas.
- Setting up a streamlined consumer complaints process accessible online or over the phone and putting those complaints into a searchable public database.
- Creating a user-friendly and attractive website focused on serving consumers rather than the institutions that the CFPB regulates.