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In 'Enormous Loss for the American People,' Trump Fires CFPB Head Rohit Chopra
(www.commondreams.org)
this post was submitted on 02 Feb 2025
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CFPB = Consumer Finance Protection Bureau
They are notably the only institution that had any teeth when dealing with big banks. If you had your funds locked and the bank was giving you the runaround, one of the fastest and most reliable ways to get a response was to file a CFPB complaint and tell the bank you were doing so.
It was one of the only bureaus that banks were legally obligated to respond to, and audits were famously a gigantic (and very expensive, in terms of man hours they were required to devote to it) pain in the ass. So if the CFPB got a complaint, it would light a fire under the bank manager’s ass to actually resolve your complaint and avoid the audit.
There are tons of stories along the lines of “I had been dealing with my bank for three weeks trying to get my money back from a bogus fee. I filed a complaint with the CFPB, and the bank manager called me 20 minutes later to let me know that my account had been refunded.”