Protect people who interact with the financial marketplace
People who interact with banks, lenders, debt collectors, mortgage providers, and other parts of the financial marketplace must be protected from harm at the hands of these institutions.
Support a strong, fair, and independent Consumer Finance Protection Bureau (CFPB) that protects consumers and holds banks accountable by enacting real penalties for abusive and/or illegal practices
Create state-level Consumer Financial Protection Bureaus.
For example:
- New Jersey and Pennsylvania have announced efforts to create “mini-CFPBs” to help protect consumers. In Pennsylvania, the consumer protection unit of the state attorney general’s office operates as a scaled-down CFPB, with a focus on mortgage issues, debt collection, payday lending, auto financial and other bank issues. In New Jersey, Gov. Phil Murphy promised to step up consumer protection efforts and announced in April that the consumer affairs division of the state attorney general’s office would establish a state-level CFPB. (Source: Credit Union Times)
