Consumer Financial Protection Bureau: Difference between revisions

The CFPB opened its website in early February 2011 to accept suggestions from consumers via [[YouTube]], [[Twitter]], and its own website interface. According to the [[United States Treasury Department]], the bureau is tasked with the responsibility to "promote fairness and transparency for [[mortgage loan|mortgages]], [[credit card]]s, and other consumer [[financial product]]s and services".<ref>{{cite web|url=http://www.mybanktracker.com/bank-news/2011/02/07/consumer-financial-protection-bureau-website-launched-open-suggestions/|title=Consumer Financial Protection Bureau Website Launched and Open for Suggestions|accessdate=February 10, 2011|date=February 7, 2011|publisher=mybanktracker.com}}</ref> According to its web site, the CFPB's "central mission...is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products".<ref>{{cite web|url=http://www.consumerfinance.gov/the-bureau/|title=Learn About the Bureau|accessdate=February 10, 2011|publisher=United States Consumer Financial Protection Bureau}}</ref> In 2016 alone most of the hundreds and thousands of consumer complaints about their financial services—including banks and credit card issuers—were received and compiled by CFPB and are publicly available on a federal government database.<ref name="AP_T100_CFPB_closure">{{cite news |url=https://apnews.com/d3b492915ca7457ca643ecd9a0d954f5/Public-window-on-financial-complaints-could-be-closing-soon? |agency=Associated Press |title=Public window on financial complaints could be closing soon |author=Kevin Freking |location=Washington |date=April 23, 2017 |accessdate=April 23, 2017}}</ref>

 

Once a [[financial institution]] acquires $10 [[Billion]] in [[Assets]], it falls under the guidance, rules, and [[regulations]] under the CFPB. The Bank will be known as a CFPB regulated bank. The CFPB will examine the institution for compliance will all bank regulatory laws.<ref>{{cite web | url=https://independentbanker.org/2017/02/what-happens-when-a-bank-hits-10-billion/ | title=

What happens when a bank hits $10 billion? | publisher=[[Independent Community Bankers of America]]}}</ref>