The Agency that’s Got Your Back by Massimo Calabresi, Time magazine, Aug. 24, 2015
Are you struggling to understand suspicious charges on a bill or mortgage?
The Consumer Financial Protection Bureau (CFPB), created after the 2008 financial crisis and the recession that followed, much to the surprise of everyone, has emerged as a muscular watchdog of the lending/consumer credit industry, levying penalties and gaining billions in reimbursement for millions of U.S. consumers. Headed by Richard Cordray, a Midwesterner and former legislator, the CFPB has taken on large credit card companies (American Express, Discover, and Capital One) and mortgage lenders (Ocwen, Bank of America, and Citibank) for deceptive marketing and fraud, as well as cell phone providers such as Sprint and Verizon and predatory lending companies linked to for profit educational institutions such as Corinthian College.
To read more on the CFPB:
1. Head over to Lantana Public Library’s Resources page at http://www.lantanalibrary.org/use-a-library-resource-1
2. Click on the Flipster logo and into Flipster with your Lantana Library Card number.
3. Then select the latest issue of Time, select the Pages option, and you’ll easily be able to find the various articles in the issue. Calabresi’s article begins on p. 42.