What is a CFPB enforcement action?
When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.
Does the CFPB have enforcement power?
By statute, the CFPB is tasked with implementing and enforcing most federal consumer financial law. The power to enforce federal consumer financial law against any “covered person” grants the CFPB at least some authority to oversee nearly the entire financial sector.
What laws are enforced by the CFPB?
The CFPB will enforce over a dozen consumer financial protection laws, including the Fair Credit Reporting , Fair Debt Collection Practices Act, and Truth-in-Lending Act.
What does a CFPB complaint do?
Submitting a complaint helps you We help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. When you submit a complaint we work to get you a response—most companies respond to complaints within 15 days.
Can the CFPB issue fines?
We may also obtain fines, or civil money penalties, against entities that violate the law. These penalties go into our Civil Penalty Fund. In some cases, we may find that the companies or individuals at issue are unable to pay the full amount required to compensate consumers.
Can you sue the CFPB?
Can I be part of the lawsuit? TIP: If you believe you were harmed by a company against which the CFPB has filed a lawsuit, you should submit a complaint online or by calling (855) 411-2372.
Who is in charge of the CFPB?
Rohit Chopra
Rohit Chopra, Director Rohit Chopra is Director of the Consumer Financial Protection Bureau. The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions.
Can you file a complaint with the CFPB?
The fastest way to get started is to go consumerfinance.gov/complaint. If you need help while you’re online, you can chat with one of our team members on the site. You can also submit a complaint over the phone by calling us at (855) 411-CFPB (2372), toll free.
Who does the CFPB supervise?
We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates. In addition, we have supervisory authority over nonbank mortgage originators and servicers, payday lenders, and private student lenders of all sizes.