When you are facing unfair actions from large companies and financial institutions, it can be incredibly overwhelming. Unfortunately, many assume there is nothing they can do when they have been wronged by a financial company, which is far from the truth. Though large companies dictate much of our lives as consumers, you’ll find that the laws and regulations established by the Consumer Financial Protection Bureau are in place to help protect you. The following blog explores the role of the CFPB and how a California consumer lawyer can assist you during these complicated matters.
What Does the Consumer Financial Protection Bureau Do?
The Consumer Financial Protection Bureau (CFPB) is an independent agency established in response to the Great Recession in 2008. There are many purposes of the CFPB, from educating customers to enforcing laws.
One of the major points of the CFPB is regulating the financial market to ensure consumers have safety, fairness, and transparency. As such, this agency is responsible for monitoring the market, informing consumers of potential risks, and enforcing laws to ensure that banks, lenders, and other financial institutions are adhering to the laws in place. These laws include, but are not limited to, the following:
- The Fair Debt Collections Practice Act
- The Fair Credit Reporting Act
- The Fair Credit Billing Act
- The Truth in Lending Act
- Equal Credit Opportunity Act
In addition, you’ll find that the CFPB is responsible for handling complaints from consumers. If you’ve been wronged by a company and unsuccessfully tried to reach an agreement, you can file a formal complaint with the CFPB, who will work with the company to address and rectify the situation.
What Should I Do if I’m Wronged as a Consumer?
If you are wronged as a consumer, whether you are the victim of unfair debt collection practices or your credit report dispute is unfairly denied, it’s important to understand that the law is on your side. As such, the most important thing you can do is connect with an experienced consumer defense attorney who can help you fight for justice.
As mentioned, there are several laws that the CFPB oversees and if you can prove that a company violated the law in place, you can recover compensation for the damages. For example, if you are denied a loan because of incorrect information on your account, you may find that your bank rates increase. As such, you can fight to recover compensation for the damages you’ve endured.
When you have faced unfair financial and business practices, you do not have to suffer this injustice alone. You can rely on the team at Los Angeles Legal Solutions to help guide you through these complicated issues. We understand how difficult it can be to go up against large financial companies, which is why our dedicated team is here to assist. If you need guidance, our team is here to help. Connect with us today to learn how we can fight for you.
