The Consumer Financial Protection Bureau (CFPB) was created in the wake of the financial meltdown to stand up for consumers and make sure they are treated fairly in the financial marketplace. One way we accomplish this mission is by enforcing consumer protection laws, holding law breakers accountable for their actions. Since 2011, we have secured over $10.8 billion dollars in relief for more than 25 million consumers harmed by illegal practices.
We’ve secured billions of dollars in relief for consumers harmed by systematic misconduct and illegal practices by companies in the mortgage industry. We’ve taken several actions against mortgage servicing companies for failing to tell borrowers when their loan modification applications were incomplete, denying loan modifications to qualified borrowers, failing to honor modifications for loans transferred from other servicers, and illegal foreclosure practices. We have also taken action against companies in the mortgage industry for steering consumers into costlier loans, for paying illegal kickbacks in exchange for business, and for making inadequate disclosures or using deceptive ads.
We’ve secured billions of dollars of relief for millions of consumers harmed by deceptive marketing and enrollment of credit card add-on products, unfair billing, and illegal debt collection practices.
Payday and installment lending
We have taken action against payday lenders and installment lenders for unlawful lending and collections practices that include using false threats of lawsuits or criminal prosecution to collect debts, charging undisclosed fees to servicemembers, and robo-signing court documents related to debt collection lawsuits.