Byron Pederson Explains the Consumer Financial Protection Bureau

Byron Pederson

Byron Pederson

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

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About

Byron Pederson is a Post Falls, Idaho businessman and the co-founder of Instant Tax Solutions. He has a broad range of professional and personal interests which utilize his many talents. As a business owner, Byron Pederson credits God’s guidance for allowing him to help people who are experiencing stress due to financial shortfalls caused by tax debt.

Comments

  1. liza filler says:

    I am encouraged to see the steps that the CFPB is taking towards bettering the outcome of financial issues for the general public. And thank you, Byron Pederson, for pointing this out… I would have never known about something like this without reading your article. I am going to be looking for future material from you. Thanks!

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    • Byron Pederson says:

      @Liza Filler – We are encouraged by the CFPB as well. We know that it’s not a perfect process, but at least they are making the effort towards future endeavors. I am glad that you will be a loyal reader. Stay tuned for more. – Byron Pederson

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  2. leonard perkins says:

    This is a very informative article. At least now there is another institution that is concerned about answering questions just like Instant Tax. I will definitely have to take some time to look at their website. Thanks for sharing!

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    • Byron Pederson says:

      @Leonard Perkins – We are glad that you recognize that we are here to help – just like I also pointed out about CFPB. Definitely take a look at their website – there is a lot of helpful news and information there. – Byron Pederson

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  3. Lily Garrison says:

    Finally, they are providing a place to listen to our complaints. It’s good to be heard… this is a step in the right direction. If there are more things like this that you can share, please let us know. Thanks!

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    • Byron Pederson says:

      @Lily Garrison – I agree – it IS good to be heard. That’s what we at Instant Tax Solutions believe in 100%. Please subscribe to our posts – there will be more like this in the future. – Byron Pederson

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  4. Simon Chandler says:

    At least now there is website that we can visit to express our concerns. I’m sure not many people know about this, so thanks for trying to spread the word to inform the public.

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    • Byron Pederson says:

      @Simon Chandler – I agree — the more that the word can be spread, the more people will learn of the CFPB’s efforts to help the public. If you could share this post, that would be one step closer to spreading the word. Thanks! – Byron Pederson

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  5. elaine boulder says:

    This article has helped me with some advice I’ve been needing regarding my unresolved tax debt. Thank you for providing this information. Now I know where to go for the rest of my questions>>Instant Tax Solutions

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  6. Byron Pederson says:

    @Elaine Boulder – The CFPB can definitely help in giving you information that you need. If you have specific tax questions, we can certainly help you. Let us know. Looking forward to hearing from you. – Byron Pederson

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