What is The CFPB

Core Functions Explained

CFPB Core Functions

The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. Before, that responsibility was divided among several agencies. Today, it’s our primary focus.

CFPB is aimed to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. CFPB is to protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. CFPC is made to arm people with the information, steps, and tools that they need to make smart financial decisions.

In a market that works, the prices, risks, and terms of the deal are clear upfront so that consumers can understand their options and comparison shop. Companies all play by the same consumer protection rules and compete fairly on providing quality and service.

CFPB Focus include:

Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law

Enforcing laws that outlaw discrimination in consumer finance

Taking consumer complaints

Enhancing financial education

Researching the consumer experience of using financial products

Monitoring financial markets for new risks to consumers

Fast Facts: CFPB by the Numbers

Homeowners should make sure the appropriate authorities have your correct mailing address for you or the person who should receive notices about your property. If you go away for extended period of time, have mail forwarded or ask someone you trust to pick up mail and visit your home. Periodically visit any vacant house to ensure that no one has taken up residence illegally.

Look for deeds that you or your attorney didn’t prepare or sign, or loans you didn’t take out, as well as liens of contractors, subcontractors, real estate brokers or attorneys whose services you didn’t hire.

Criminals often target vacant properties — such as vacation homes — especially if the legal owner is deceased. Older people are also common targets because they often have more equity in their homes, and they might not be tech-savvy or aware of the dangers online.

Fast Facts: CFPB by the Numbers

Last updated: November 21, 2023

$20.2 billion+: Amount of monetary compensation, principal reductions, canceled debts, and other consumer relief resulting from CFPB enforcement and supervisory work.

205 million+: Estimated number of consumers or consumer accounts eligible to receive relief from the CFPB’s enforcement and supervisory work.

$4.1 billion+: Civil money penalties imposed by the CFPB on companies and individuals that violate the law. Civil money penalties are deposited into the CFPB’s victims relief fund (also known as the civil penalty fund), which provides compensation to consumers who have been harmed by violations of federal consumer financial protection law.

$5.5 billion: Estimated amount consumers will save every year due to recent changes in banks’ overdraft and non-sufficient funds (NSF) fee policies. The CFPB's most recent analysis found that the decision of most large banks to eliminate NSF fees will save consumers nearly $2 billion annually.

$175 million: Monetary relief resulting from 39 public enforcement actions that involved harm to servicemembers and veterans, including six enforcement actions for violations of the Military Lending Act.

22.8 million: The estimated number of people who had at least one medical collection removed from their credit reports after the three nationwide consumer reporting companies announced the removal of medical collections under $500 from consumer credit reports in April 2023. The CFPB also estimates that 15.6 million people had all medical collections removed from their credit report as a result of this change. In March 2022, the CFPB released a report drawing attention to the complicated and burdensome nature of the medical billing system in the United States.

4.6 million+: Consumer complaints sent to companies for response, including 2.8 million+ complaints about credit reporting, 76,000+ complaints about medical debt collection, and 81,000+ complaints about student loans.

60.1 million+: Approximate number of users who have accessed answers to hundreds of common financial questions via the CFPB’s “Ask CFPB” database.

31: Number of Supervisory Highlights issued. These reports include key examination findings, communicate operational changes to the CFPB’s supervision program, and provide a resource for information on our recent guidance documents.

8: Number of languages that CFPB provides translated consumer-facing materials in, including: Arabic, Chinese, Haitian Creole, Korean, Spanish, Tagalog, and Vietnamese. Consumers can also submit a complaint on the phone in more than 180 languages.

Municipal resources

Many counties now provide a consumer notification service. Register for free, and you’ll quickly receive an e-mail or text any time a document is recorded on your property. Currently, there is no central database to direct you to state or county notification services. Invest the time and explore your local registrar's website and see what services they provide. If they don't have an online database, take a trip to your county registrar's office to physically examine the title to your property.

If you experience or find something amiss, notify the register of deeds and local law enforcement. Homeowners who think they are victims of deed fraud are urged to act quickly to report fraud to your local sheriff, get a certified copy of the fraudulent document from the register’s office, report the crime to the district attorney’s office in the jurisdiction where the property is located, and consult an attorney to help confirm ownership of the property. (Legal action known as “quieting the title” may be required to resolve any questions about your ownership of the property.)

Bottom line

It’s wise to monitor your property proactively and pay even closer attention to the assets that current scams may target. While there are services you can subscribe to that will monitor your title, these companies don't prevent title theft. You can conduct a home title search by yourself. You can do this by visiting the county clerk’s office where your property is located to confirm the necessary facts about the property.

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