One of the agencies created as part of Dodd-Frank Wall Street reform act was Consumer Finance Protection Bureau. Ironically, the person championing the cause of creating such an agency was the current senator from Massachusetts Senator Elizabeth Warren.
The role of this agency is part education and part investigation. Below is a quick YouTube with a message from the current program head of CFPB:
Some of the services offered to consumers on the site are:
- Ask CFPB: You can use the site to search the Consumer Complaint Database just to see if your lender is currently under investigation.
- Trouble with your Mortgage: This is an option where you would be assigned to a HUD counselor o help you with options such as Short Sale, Foreclosure or Deed in Lieu.
- Paying for College: This option provides your material on your option to fund a college education.
- Protection Against Credit Discrimination: This option can help you investigate your credit card company if you feel you are being refused credit.
- File a Complaint: This is the option for you can file a 2 page complaint against your lender or service company if you believe they are not treating you right.
The consumer at least have one option now with CFPB since once you file a complaint, the company has to officially respond to this complaint and the CFPB folks would be follow up to make sure you are satisfied with the lender’s response.
Have you used the CFPB site before? What has been your experience?