Harry noticed that his son Ari, a servicemember, was struggling with his car loan, so he reached out to the Consumer Financial Protection Bureau. His story led to our investigation into an auto loan program that we found was using deceptive marketing and lending practices to target servicemembers. In 2013, we issued an enforcement action against these auto lenders and required them to refund approximately $6.5 million to over 50,000 people.
“The fact that the CFPB took action in the name of servicemembers across the entire country… really shows us that someone’s in our corner.” Ari said.
At the CFPB, we believe you have the right to someone in your financial corner. We were established in 2011, following the most severe financial crisis the U.S. has faced since the Great Depression. In the years since, we’ve made it a priority to listen to consumers and amplify their voices so that others could be inspired and empowered to take charge of their financial futures.
We supervise banks, credit unions, and other financial companies, and enforce federal consumer financial laws. We also offer free resources to provide you with accurate, unbiased information so you can make the money decisions you believe are best for you and your family.
Protecting people from harmful financial products and services is part of our mission and something we take very seriously. Harry and Ari’s story brought the deceptive auto loan practices to light. You can also tell your story, good or bad, about your experience with a financial product or service. Your story will help inform how we work to protect consumers and create a fairer marketplace.
Other financial tools and resources you can trust
Owning a Home walks you through one of the most important financial decisions you might make: getting a mortgage. This tool explains the complex options you have when shopping for a mortgage loan and how different factors affect interest rates. You can also find an easy-to-use checklist for the closing process.
Paying for College helps students, students-to-be, and their parents compare financial aid packages. The Repay Student Debt tool helps you understand your options for repayment, gives you resources to avoid missing payments, and offers helpful resources if you’ve defaulted on your loan.
Planning for Retirement helps people make an informed decision about when to claim their Social Security benefits. You can use this tool to see how the age at which you claim affects your retirement benefits.
In Ask CFPB, you’ll find expert answers to questions about financial products and services including student loans, credit cards, mortgages, credit scores, credit reporting, getting out of debt, and more. You can also submit questions you think would be good additions to the collection.
Submit a Complaint if you’re having a problem with a financial product or service. We’ll forward your complaint to the company and work to get a response about your issue. Sometimes that response can mean fixing an error on a credit report, learning about other student loan repayment options, or stopping debt collection calls.
We will continue to build tools and add features to help consumers with their major financial decisions. We aim to make sure our resources stay up-to-date as we and other government agencies update rules. Check out our tools, send us your feedback, and share them with your friends.