Author: Mikel Dunnagan
Wow! It’s hard to believe the CFPB is already 4 years old. This little bureaucracy has grown like a weed into a well-funded, mission-focused, result-getting consumer protector. Originally created by the Dodd-Frank Wall Street Reform and Consumer Protection Act as a direct result of the 2008 financial crisis, the Bureau works tirelessly to make sure everyone is treated fairly while rooting out those poor actors and practices that cause harm or stand between consumers and their financial goals.
Whether it’s a Servicemember facing a predatory auto lender, a single mom finding errors on her credit report, a student overwhelmed by excessive college loan debt or a mortgage borrower struggling to understand complex forms, the CFPB stands by them to help them achieve the level of financial independence and dignity they deserve.
In just four short years, the CFPB has secured $10.1 billion in relief for consumers, created better and more transparent mortgage forms, received more than 650 million complaints about issues with financial services and products and developed an easy-to-use portal incorporating financial tools for consumers to use.
And so we say, “Happy Birthday CFPB and here’s to many more!”