2 Years In: What the Consumer Financial Protection Bureau Did

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Despite political hurdles, the federal watchdog agency has made many changes to the way financial companies operate.

Two years ago this week, a federal agency was created to stop the financial industry from walking all over consumers.

From the beginning, the Consumer Financial Protection Bureau has been in a battle for its life. Republicans in Congress long opposed the nomination of its director, Richard Cordray, and only finally relented earlier this month.

“He was confirmed one day shy of the second anniversary of his nomination by Mr. Obama,” The New York Times wrote. Republicans also pushed to eliminate the agency’s independence by putting it under the supervision of Congress, and they’re still interested in “structural reforms.”

Now Morgan Drexen Inc., a software company that works with debt relief lawyers, is suing the CFPB after being told it faces legal action from the agency, The Wall Street Journal says. The company will argue that the agency is unconstitutional. It’s not the first time the bureau has heard that one. “In 2012, two conservative groups along with a Texas bank challenged the constitutionality of the CPFB and other pieces of the 2010 Dodd-Frank financial overhaul,” the Journal says.

Despite all the fuss over the agency’s authority, it has done a lot. Here’s a summary of accomplishments highlighted by LowCards.com:

  • Handled more than 175,000 consumer complaints related to credit cards, mortgages, bank accounts, and student and auto loans.
  • Forced American Express, Capital One and Discover to pay consumers back a combined $425 million because of misleading sales tactics.
  • Provided consumers with form letters to help dispute debts.
  • Investigated the frequency and cost of overdraft charges and found that banks are making more money from them.
  • Provided stay-at-home spouses easier access to credit.
  • Began monitoring for issues involving credit reports, including inaccurate information, the inability of consumers to get them, their misuse, and problems with identity theft protection services.
  • Began analyzing tons of data about credit products for signs of abuse.

As of January, it also had a nearly $44 million budget surplus. Not bad for a toddler.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Ask Stacy: What’s the Best Way to Borrow?

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,063 more deals!