My experience with the CFPB has been outstanding. Why?
Because they promptly responded to my communication, did their job as it has been tasked to them and in one instance actually caused a particularly bad actor in the collection industry to have to withdraw and correct false evidence in a litigation. The problem for the CFPB as is the same as it is for many other government agencies; one of public perception, the failure of our educational system to teach basic CIVICS and a false belief by the general public in regard to what they are supposed to do in the first place. It is not the job of the CFPB to resolve an individual consumer's personal issue or complaint against any entity. It is the job of the CFPB to collect and compile information about how the public may be being violated by certain entities under certain statutes passed by Congress to protect the rights of consumers.
Once the CFPB has established that a particular practice of violation of statute is egregious or even widespread among many entities it is then their purview to seek resolution and levy consequences by formal litigation against those entities pursuant to the particular sections of the statute which gives only the government or government agencies the right to sue upon. All the consumer protection statutes contain sections for which we the people (consumers) have a PRIVATE RIGHT OF ACTION. In other words sections which afford us the right to go after the violators ourselves whether we do that with the assistance of counsel or do it ourselves as pro se litigants. Congress gave us that tool TO USE.
The CFPB has so far done an exemplary job enforcing compliance with the statutes for all of us as a people. That is their only job. Government and all it's agencies exist to perform those tasks the people individually cannot do for themselves; they are not our babysitters. We should always post our complaints with the CFPB to help them continue the fine work they do but we need to be ever aware of our responsibility in our personal lives and stand up for ourselves when we are violated.
We all have a private right of action to seek resolution to our individual issues with bad actors and it's up to us to use it. Am I a pissed consumer? You bet but after doing the right thing and submitting my complaints properly to the CFPB so that they could go about doing their job, I did mine. I went after the bad actors and I GOT RESOLUTION to my problems.
Now I don't have any more problems of this nature but if I am violated again I will do the same thing again no matter how many times I need to do it. What really *** me off is that there are large corporate entities who think that "compliance with the law and resulting litigation is no more than the cost of doing business" and will continue to victimize consumers with impunity.
The CFPB cannot perform miracles nor can they shut the doors of those who are allowed to consider themselves "too big to fail". That is up to we the people, one individual at a time.
Product or Service Mentioned: Consumer Financial Protection Bureau Customer Care.
Reason of review: Good customer service.