The Consumer Financial Protection Bureau, established during the bitter Congressional fight over the Dodd-Frank financial reform bill, marked its third anniversary on July 21. The CFPB remains controversial, especially with the banks and financial services firms it is regulating. However, Markoff Leinberger’s Chicago consumer fraud lawyers are well aware of the importance of the CFPB.
The CFPB was originally the brainchild of Elizabeth Warren, now a Democratic Senator from Massachusetts but originally a longtime advocate for consumers. The Bureau was designed to fill what Warren and other advocates saw as a hole in the federal regulatory infrastructure: there was no agency specifically tasked with protecting consumers from fraud and abuse by financial firms.
According to the CFPB, it has returned $4 billion to consumers over the last three years. It has gone after:
- Pay day lenders
- Credit card companies
- Unethical lenders
At Markoff Leinberger, our consumer fraud lawyers have been looking out for the victims of fraud and abuse for more than a decade. We will continue to keep a close eye on CFPB developments and we will examine how they affect Chicago residents in their pursuit of justice and compensation.
If you’re a resident of the Chicago, Illinois area and need an experienced consumer fraud lawyer, please contact Markoff Leinberger today for a free consultation.