Center for American Progress

CFPB Will Help Protect Customers Dealing with Banks
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CFPB Will Help Protect Customers Dealing with Banks

The newly created Consumer Financial Protection Bureau, or CFPB, will be able to balance the scale and give customers much needed financial protections in dealing with banks.

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Dealing with banks is becoming ever more complicated for customers. Banks already have the upper hand in dealing with their customers because the hassle factor of switching accounts often keeps customers locked in at their bank even when the bank hikes fees or provides inadequate service. Banks tip the scale in their favor even further when they rely on confusing fees and other noninterest charges, such as overdraft and low-balance fees, for their income.

This complexity gives banks power in dealing with their customers, who are often not fully aware of the impact these fees and charges have on their finances. Only the newly created Consumer Financial Protection Bureau, or CFPB, will be able to balance the scale and give customers much needed financial protections in dealing with banks, but Senate Republicans have stalled the confirmation of the CFPB’s designated director, former Ohio Attorney General Richard Cordray, thus limiting the CFPB’s effectiveness.

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