The objective of the Consumer Finance Protection Bureau is to ensure that the financial services and products such as loans, mortgages, and credit cards that Americans depend on daily work better for the consumers. The specific goal of this bureau is to protect consumers. These consumers are people keeping their money in credit unions and banks, using their credit cards to pay services and goods, applying for loan in order to pay college or buy properties.
The office ensures that consumers understand clearly the printed term of application and contracts when using these services. On the other hand, the task of the bureau is to make sure that these credit unions, banks, and other financial firms offer their services according to the rules. You can contact the bureau if your lender is treating you unfairly or you have complaints about mortgage, student loans, consumer loans, payday loans, credit card, and more.
Once you fill your complaint the bureau will categorize and code it before to use the database management program in order to find out if there are similar problems requesting further investigation. Then, the bureau will send your complaint to your lender or bank. The law required to the bank to contact the consumer in order to solve the issue. If it solved, the bank will contact the bureau and acknowledge that the problem has been taking care of.
The Wall Street Reform Act gave the Consumer Finance Protection Bureau a large array of instruments for promoting competitive, transparent, and fair market. The bureau offers financial education to consumer and makes sure that they are able to get the necessary information they need for making sound decisions about their finance. Such information includes the risk, benefits, and cost of financial products. This will help the consumers to compare products before to make the right choice according to their situations.
The consumers receive a strong protection from the bureau against unfair agreements. The bureau ensures that every provider is running his or her business according to the law. The bureau monitors also financial markets in order to identify new risks for consumers. The Consumer Finance Protection Bureau monitors consumers’ behavior and their interaction with various financial institutions in order to protect consumers and help them making wise decisions. The Bureau sanctions any company regardless its size if a complaint from a consumer are real and the company did not solve it.