HomeSolutionsComplianceBanking and Finance

CFPB

The Consumer Financial Protection Bureau (CFPB) enforces financial protection laws and acts as the point of accountability in protecting consumers throughout the financial marketplace

The Consumer FinancialProtection Bureau

The CFPB is not restricted to compliance within banks or financial institutes but all organizations that perform transactions in the financial marketplace.

Abusive, unfair and even deceptive practices in the marketplace are protected with the CFPB. Violations for abusive, unfair or deceptive practices may be reported for credit cards, credit reporting, student loans, bank accounts, consumer loans, money transfers, mortgages, and debt collection. As of 2017, the CFPB returned over $12 billion to consumers. While created to prevent pay-day loan scams, endless debt cycles,

pre-bankruptcy scams and even mortgage education and protection.Imagine getting approval for a mortgage that you could never pay because the taxes fees and other financial obligations are completely unknown. Those who have been unfortunate enough to fall into one of these mortgages were deceived by their lender. These deceptive behaviors are what the CFPB aim to rebut and garner repayment from, in an effort to protect the consumer.

STEP 1Established in 2010

this bureau goes so far as to seek repayment to consumers for unnecessary and non-disclosed fees for bank accounts, mortgages, investments, loans or other financial accounts. Financial institutes must disclose all charges associated with an account and cannot create new fees without written notice and acceptance of consumers.

STEP 2Navigating your offerings

legal documentation that support them, and how you advertise to consumers is intricate but straight forward. When there’s questions to how your company can function, Digital Forge can help guide. Upfront and honest representation of your financial services is the key to meeting all CFPB guidelines.

STEP 3Protecting consumers

especially financial vulnerable ones is the basis for the CFPB and their operating guidelines. At digital forge, we help you meet compliance and avoid receiving a complaint to the CFPB.