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Write a 1 page essay on Consumer Compliance- Discussion Post 4.CFPB and FTC both have limited powers to sue any party but are free to intervene in the litigation. Both agencies coordinate their activi
Write a 1 page essay on Consumer Compliance- Discussion Post 4.
CFPB and FTC both have limited powers to sue any party but are free to intervene in the litigation. Both agencies coordinate their activities in ensuring elimination of task duplication. For instance, both bodies would inform each other of an investigation and enforcement of actions against any party that exploits consumers. FTC and FFPB both conduct a joint customers’ education in promoting consistency of information and proper knowledge about the use of resources (FTC, 2012).
CFPB protects consumers against exploitation by banking institutions and credit unions. FTC, however, does not serve to protect consumers over banks and credit unions. FTC develops auto financial tips on its website in conjunction with American Financial Services Association and National Automobile Dealers Association. CFPB, however, does not provide financial tips. CFPB gathers consumers’ complaints on its website and forwards them to relevant authorities that resolve consumers’ grievances. The strategy that CFPB uses in consumers’ protection is strict and firm while FTC’s web site is neutral and adopts no strict measures in solving the problems of customers (Consumer Financial Service Group, 2011).
Consumer Financial Service Group. (2011, July 7). How the CFPB and the FTC interact (part 1). CFPB Monitor. Retrieved May 13, 2015 from http://www.cfpbmonitor.com/2011/07/07/how-the-cfpb-and-the-ftc-interact-part-i/
Federal Trade Commission (FTC). (2012, January 23). Federal Trade Commission, Consumer Financial Protection Bureau Pledge to Work Together to Protect Consumers. Press Release. Retrieved May 13, 2015 from
