CFPB Consumer Complaints

Today the CFPB unveiled a data base consumers can use to track consumer complaints against credit cards. This tool will help consumers make responsible decisions about selecting and keeping credit cards. Consumer advocates are calling this a good first step as they ask that consumers get even more information about the problems other consumers experience. Check it out for personal use as well as to share with clients who may also benefit from it. Click here

Irene Leech, Va Tech


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3 Comments so far
  1. by Phillip Day

    On June 19, 2012 at 7:29 pm

    After reviewing the information the CFPB provided it’s a useful resource for counselors.

    The CFPB I hope turns into a real consumer advocate and continues to grow and take positive steps for consumers….but it’s still sad that most consumers fail to understand, or know their basic legal rights…when every library or legal website can teach them more than they would ever want to know….for free.

    Kudos to the CFPB for their transparency and positive actions in making this data available for all to review. It’s Unfortunate some of the large financial institutions still fail to police themselves and knowingly take advantage of consumers.

  2. by collin schriver

    On June 24, 2012 at 1:39 am

    While I understand the need for the CFPB, I am somewhat concerned about the reach of this agency. Are financial agencies preying on the uneducated, ill-informed? Yes.

    Is the goal of a financial services company to make a profit illegal? Certain not.

    Trial and error is part of life’s experience. By an over-reaching federal program, we may be eliminating one of life’s most powerful teachers : experience.

    If a client is bailed out by the CFPB for making a poor decision, then the client is unlikely to learn from that teachable moment and simply continue to make the same mistakes over and over again, knowing someone else will take the responsibility to fix it.

    I’ve made PLENTY of financial mistakes along the way, but I’ve learned from those mistakes which is why I think I am on a better path toward financial independence.

    And those experiences help me advise my clients as I have walked in a mile in their shoes.

  3. by Jerry Buchko

    On June 28, 2012 at 8:57 pm

    While the goal of making a profit is not illegal, I think we quite reasonably establish legal limits to how one can go about making those profits.

    There are a whole host of activities that we as a society have decided would not be beneficial to our shared community to allow people to financially profit from and we set legal boundaries to discourage these activities by criminalizing them, e.g. people or organizations of people preying on others in the community for financial profit.

    I’m unclear how the CFPB has or is over-reaching. I’m also not clear that it’s the CFPB’s mandate to bail people out of their bad decisions. But even if it were, I really don’t believe that most people of sound mind, regardless of their level of education, would make the same mistakes over and over again after being exploited simply because those that exploited them were called to account and some form of restitution made.

    Every client I’ve ever had who had the unfortunate experience of being defrauded found the experience rather distressing and unpleasant, as I think most reasonable people would. In no case did the experience fail to leave a lasting impression and lead the client to learn something from the experience, regardless of the client’s level of sophistication or education, and regardless of whether formal action was taken to respond to the fraud and restitution received.

    People make mistakes all the time and mistakes can provide important opportunities to learn, but allowing for people to learn from mistakes is not the same as allowing for these same people to be exploited.

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