According to Byron Pederson, on July 21st, 2011 the Consumer Financial Protection Bureau began monitoring the fairness of consumer products that deal with finance. In the years leading up to the formation of this group, consumers had voiced concerns over many financial service providers, reports Byron Pederson. The jurisdiction of the CFPB includes credit unions, banks, payday lenders, securities firms, foreclosure relief and debt collecting services. According to Byron Pederson, the bureau’s foremost interest relate to credit cards, student loans, and mortgages.
The CFPB took suggestions from American consumers beginning in February of 2011, says Byron Pederson. The purpose of this exercise was to identify specific areas that needed improvement, what the problems were, and how citizens felt the issue should be addressed. The Bureau is located inside of the United States Federal Reserve, and affiliated with the US Treasury Department, although it is an independent branch of government, says Byron Pederson.
The Chief Enforcement Officer of the Bureau is former Ohio Atty. Gen. Richard Cordray, notes Byron Pederson. Elizabeth Warren, an expert in bankruptcy law and the 2012 Democratic Party candidate for the United States Senate (Massachusetts), conceptualized and initiated the establishment of the Bureau. According to Byron Pederson, the CFPB’s goal is helping consumers understand and navigate the often confusing and sometimes coercive legalese utilized by certain financial services firms.
Byron Pederson says that American consumers can visit the agency’s website at www.consumerfinance.gov to submit a complaint about their experiences with a financial services provider, share personal insights, and find information on specific issues, such as repaying student debt. Additionally, Byron Pederson notes that the website offers numerous reports, letters, and bulletins which serve to keep American consumers informed. Byron Pederson also notes that the agency aims to stay connected with the public via Twitter, Facebook, and newsletters.
One specific item that the Consumer Financial Protection Bureau addresses is the Plain Writing Act of 2010, notes Byron Pederson. The Act states that the Bureau must use plain language in all documents which are necessary to obtain or provide information about government benefits, as well as publications that explain how to comply with the requirements set forth by the Federal Government, says Byron Pederson. The Bureau, according to Byron Pederson, puts a great emphasis on education and enforcement and is continually monitoring financial services providers and markets.
Byron Pederson is the cofounder of Instant Tax Solutions, a Post Falls, Idaho-based tax resolution specialist. For more information about ITS, visit the company online at www.instanttaxsolutions.com