In many instances, consumers may feel like there is nothing they can do when a big company or corporation wrongs them. However, it’s important to understand that the law is on your side in many instances. The creation of the Consumer Financial Protection Bureau is one of the most important agencies for consumers. Understanding the function of the Consumer Financial Protection Bureau is critical for consumers, as it provides a number of important services. The following blog explores why this agency is so critical and how an Arroyo Grande consumer lawyer can help you if you are wronged by unfair business practices.
What Is the Consumer Financial Protection Bureau?
The Consumer Financial Protection Bureau (CFPB) is an independent agency responsible for overseeing and enforcing rules and regulations regarding the financial market. This agency was created in 2011 as a response to the Great Recession of 2008 in order to ensure transparency in the market. In addition, the CFPB is responsible for overseeing financial companies and ensuring compliance Some of the most important rules this agency is responsible for enforcing include, but are not limited to, the following:
- The Truth in Lending Act
- The Fair Credit Reporting Act
- The Fair Credit Billing Act
- The Fair Debt Collection Practices Act
- The Equal Credit Opportunity Act
Another important function of this agency is fielding and investigating consumer complaints filed against businesses for unfair, deceitful, and abusive practices.
Finally, the CFPB helps consumers by providing a litany of educational resources and informing consumers of potential risks within the market so they can make smart, informed decisions regarding their finances.
What Should I Do if I’m Wronged as a Consumer?
If you are wronged in any capacity as a consumer, it’s important to understand that you can fight for the compensation and justice you deserve when a company violates the rights established to protect you.
Generally, the first thing you should do is document the violation, whether it’s a credit reporting agency that refuses to remedy incorrect information on your account or a debt collector who lies about the amount you owe. Having evidence of the violation is critical to ensure you can fight for justice.
Next, you should contact an experienced consumer defense attorney as soon as possible to discuss the violation. They can help you explore your options and determine what the best course of action is for your unique needs In general, however, they will likely advise you to file a claim against the agency to fight for statutory damages. For example, you can hold a debt collector liable for up to $1,000 in statutory damages for violations of the FDCPA.
If you are wronged by a company, connecting with the team at Loker Law is critical. We understand how complicated these matters can be, which is why our firm will do everything possible to help you receive the best outcome for your circumstances. Connect with us today to learn how we can fight for you.
