CFPB Hits the Ground Running

CFPB-ConsumerFinancialProtectionBureauLogo

The Consumer Financial Protection Bureau (CFPB) hit the ground running this week, launching functions and issuing a variety of required rules and reports that represent important steps in making the CFPB operational and effective from the start.

Today, the CFPB is sending introductory letters to the CEOs of the depository institutions – generally large banks and their bank affiliates – that are subject to CFPB supervision. These letters, which outline the agency’s approach to supervision and examination, mark the beginning of the CFPB’s regular communications with the institutions it supervises.

In addition, the CFPB’s Enforcement team is ready to begin enforcing federal consumer financial laws, when necessary.

The CFPB’s Consumer Response Center began accepting credit card complaints today on its newly redesigned website, ConsumerFinance.gov, and through a toll-free number, 855-411-CFPB (2372). It will also refer distressed homeowners to housing counselors via the Homeowner’s HOPE Hotline. Over the coming months, the agency will expand its Consumer Response Center to handle complaints about other consumer financial products and services under its jurisdiction.

Visit the CFPB Web site.

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