The Obama Legacy: Protecting Consumers From Big Banks, Payday Lenders, and Debt Collectors - Talk Poverty
In the five and a half years since the CFPB has opened its doors, the agency has consistently delivered for working families across the country. It has returned nearly $12 billion directly to families who were tricked by big banks, payday lenders, debt collectors, and other financial institutions. It has acted aggressively to protect service members and their families from illegal foreclosures and other predatory actions. It has fielded more than one million consumer complaints, helping thousands of people in every state quickly and easily resolve disputes and recover unauthorized fees. And it has cracked down on banks that are ripping off their customers—culminating in the agency’s recent settlement and record fine in the Wells Fargo fake accounts scandal.
The consumer agency also plays a critical role leveling the playing field for working families by implementing new rules for financial products. One notable example is with payday lending.