Consumer Protection Needs During Covid

Consumer Protection enforcement is about to come back in a big way, just in time to deal with the economic fallout we all face from the Pandemic. The Consumer Financial Protection Bureau was created in 2010 to deal with the aftermath of the 2008 recession, but a lot of its powers and effectiveness were reduced under the guidance of the previous president. This CNBC article provides an overview of what we can expect from CFPB under President Biden’s term.

“The Covid crisis will likely be the bureau’s top priority, according to consumer experts and former agency officials. The pandemic tipped the U.S. economy into the deepest recession since the Great Depression, and with historic speed. Millions of families were estimated to have slipped into poverty by year’s end. ‘Covid has created a new set of problems, or emphasized and underscored ongoing problems for consumers,’ Cordray said.”

The Bureau is expected to ensure government protections, such as eviction moratoriums and private company’s voluntary commitments are upheld. Additionally, the CFPB is expected to better police debt collection practices, credit reporting, and pay day loans, just to name a few.

As we all recover from the financial impact left behind by the Covid-19 Pandemic, it is encouraging to know we can once again rely on CFPB as a resource for our clients. If you have specific questions about debt collection, student loans, credit, or anything else related your finances, we may be able to help. Please feel free to contact us for a free consultation today!

You can reach us at 508-232-4633, toll free at 866-831-0236, or via email at probonobk@gmail.com.

See more about how we help: www.massdebtrelieffoundation.org/how-we-help