Personal debt burdens are soaring and bankruptcy filings have topped the charts for quite some time, but a new consumer group is seeking to change the face of debt among Americans. The Consumer Financial Protection Bureau is a new federal watchdog agency that is making a big impact in the lives of consumers around the nation.
Although many people are responsible for their own debt problems, there are plenty of additional factors that come into play. Problems with debt quickly spin out of control and many consumers are left alone and worried about their financial futures. The Consumer Financial Protection Bureau was created to take an active role in the debt industry and helping consumers in need.
The bureau is taking part in everything from fielding consumer complaints, investigations of debt collection companies and reviewing the operations of major financial institutions. Right now, they are working on a rule that would allow on-site reviews of debt collection companies, in order to examine their operations and determine whether they are within compliance of the law. The CFPB is collaborating with states to step up policing of suspicious debt collection activity and investigating reports of rule violations.
They are also conducting an independent review of bank operation, specifically looking at how overdraft programs affect consumers. The bureau is not investigating any wrongdoings, rather taking a closer look at how certain bank practices influence consumer habits and finances. The CFPB is hoping the inquiry will reveal some interesting facts that may be used to helping to facilitate rule changes among financial institutions.