Will the CFPB protect you or do you need to protect yourself as a consumer?
There is a change that has taken place in Washington over the last few years. [After this video was shot a new director is present but the point is the same that this CFPB is much different than it was before the 2016 election].
The director of the Consumer Financial Protection Bureau has made it very clear that he is interested in gutting the bureau rolling back protections for consumers.
His argument is that there is too much regulation on companies and too many enforcement actions against large companies like Wells Fargo who are out there abusing consumers.
Maybe he truly believes this… but what does this mean for you?
In years past, there was a tendency for consumers to say, “I don’t really need to do anything to protect my self. I don’t need to sue an abusive debt collector, Equifax, Wells Fargo. All I have to do is file a little complaint with the CFPB and they’ll take care of it for me.”
Whether this was true or not in the past, I can guarantee this is not true now.
If you have a debt collector, a mortgage company, credit bureaus abusing you, it is fine to file a complaint with the federal government.
However, it is important to understand that the people who are running those agencies now are not particularly concerned about you.
They are more concerned with the business that they are regulating.
It is fine to complain about it but you need to also take action in court, assuming you have a legitimate complaint.
You must become knowledgeable, understand your rights, and take action.
We hope this is helpful to you!
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