Since the formation of the CFPB in 2010, the Bureau has taken on the biggest banks, including those that open thousands of phony accounts, payday lenders that charge 200% or more in interest, abusive debt collectors, the credit bureaus, student loan servicers, and other irresponsible lenders.
The CFPB's success has been undeniable in getting these entities to clean up their practices and refrain from abusing and overcharging consumers. The CFPB has recovered nearly $12 billion from these financial institutions to redress these abuses, making the CFPB one of the most efficient government agencies.
Success stories. The CFPB helping all Americans.
- 9/11 Victims: Predatory lending to first responders. http://origin-nyi.thehill.com/blogs/pundits-blog/the-judiciary/320204-we-must-ensure-our-9-11-first-responders-are-protected-they?amp=1
- Wells Fargo customers: Phony accounts opened unknowingly to customers by Wells Fargo employees. https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-opening-unauthorized-accounts/
- Prepaid debit card users: RushCard denied customers access to their money through system failure.https://www.nytimes.com/2017/02/01/business/rushcard-cfpb.html?rref=collection%2Ftimestopic%2FConsumer%20Financial%20Protection%20Bureau&action=click&contentCollection=timestopics®ion=stream&module=stream_unit&version=latest&contentPlacement=9&pgtype=collection
- Auto Lending Discrimination: CFPB and Department of Justice resolve action with American Honda Finance Corp. for discriminatory practices placing auto loans which resulted in African-American, Hispanic, and Asian and Pacific Islander borrowers paying higher interest rates than white borrowers for their auto loans.https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-reach-resolution-with-honda-to-address-discriminatory-auto-loan-pricing/
- Mortgage Lending & Servicing Deception: Ocwen took advantage of borrowers at every stage of the mortgage servicing process.https://www.consumerfinance.gov/about-us/newsroom/cfpb-state-authorities-order-ocwen-to-provide-2-billion-in-relief-to-homeowners-for-servicing-wrongs/