"Supporters highlight its work to penalize large companies, including banks, for allegedly mistreating clients — with the bureau claiming in 2023 that it had restored $17.5 billion to Americans over the previous 12 years “in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief.”
Last year, the CFPB finalized a rule capping credit card late payment fees at $8 — down from an average of $32 — which it estimated would save consumers $14 billion per year."
Considering the US citizens their shareholders, I would like to see how many private organisations of that size have such an impact in just 12 years.
"Supporters highlight its work to penalize large companies, including banks, for allegedly mistreating clients — with the bureau claiming in 2023 that it had restored $17.5 billion to Americans over the previous 12 years “in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief.”
Last year, the CFPB finalized a rule capping credit card late payment fees at $8 — down from an average of $32 — which it estimated would save consumers $14 billion per year."
Considering the US citizens their shareholders, I would like to see how many private organisations of that size have such an impact in just 12 years.