CFPB Promotes Fair Transactions
Most consumer complaints concern debt-collection practices.
The goal of the Consumer Financial Protection Bureau (CFPB) is to promote financial services that are grounded in fairness, transparency, and choice, according to Steve Antonakes, CFPB deputy director.
He was the first speaker at Tuesday's General Session.
“At the CFPB, we would like to see a consumer experience similar to what credit unions deliver to their members,” he said.
Antonakes, who has spent his career supervising financial institutions and is a self-described veteran of two banking crises, said he’d like to see a world where responsible financial institutions play by the rules and are free from the practices of unscrupulous competitors.
“We get about 30,000 calls and 20,000 complaints each month from consumers,” he said. “Many of those have to do with unacceptable debt-collection practices.”
Antonakes described how the CFPB recently brought suit against the online lender CashCall for abusive collections practices.
The agency also reached a $19 million settlement with Cash America for improperly ‘robo-signing’ court documents used in collections.