§ 1005.1 Authority and purpose. | Consumer Financial Protection Bureau (2024)

FAQs

Is the Consumer Financial Protection Bureau a real thing? ›

We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders, and other financial institutions.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing.

Regulation E protects consumers when they use electronic fund and remittance transfers.

The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.

CFPB-administered payments

The person or company that violated the law pays the CFPB, and then we send the money to harmed consumers, sometimes through a payments administrator. These payments are also known as Bureau-Administered Redress.

As a result of the lawsuit, the CFPB will distribute $53,885,244 in total payments to consumers through its Civil Penalty Fund. The payments will be mailed on July 23, 2024, through Epiq Systems. If you have questions about receiving a refund, email [email protected] or call 1 (877) 830-1746.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates. The depository institutions and affiliates included in the list below are currently under CFPB's jurisdiction and subject to CFPB supervision and examination.

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

It is the bank's option to require written notice within 10 business days of verbal notice to the bank to receive provisional credit. The written notice should include the customer's name, account number and description of the error.

What is the 60 day rule for ACH? ›

Under the ACH rules, the customer's bank is obliged to refund the debits without question, as long as the request was received within 60 days from the NACHA transaction date. (In contrast, businesses have only 2 days to request a return.)

Unauthorized electronic fund transfer is an EFT from a consumer's account initiated by a person other than the consumer without authority to initiate the transfer and from which the consumer receives no benefit.

The CFPB has independent litigating authority and the ability to enforce the law in federal courts and through administrative proceedings. It has the ability to seek civil monetary penalties, consumer redress, disgorgement, restitution, damages, and wide-ranging injunctive relief.

They argued the bureau's unique funding structure “usurps Congress' role in the appropriation of federal funds,” violating the appropriations clause and allowing the executive branch to operate without Congress' fiscal check on its power.

Rules and policy

The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

The Bureau of Consumer Financial Protection (CFPB) is an independent bureau within the Federal Reserve System that empowers consumers with the information they need to make financial decisions in the best interests of them and their families.