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July 21, 2011 - The Bureau of Consumer Financial Protection (CFPB) opens its doors today under attack by the same legislative body that created it one year ago.

The CFPB is the nation's only financial regulator whose focus is on financial risk to the consumer. The new financial watchdog will ensure that consumers can fairly compare the costs and risks of financial products and services. The CFPB launches on the first anniversary of the financial reform law, the Dodd Frank Wall Street Reform and Consumer Protection Act.

As the CFPB opens for business, some in Congress are still trying to dismantle the new agency by slashing its budget, slipping it under Congress's control and swearing not to confirm anyone nominated to lead the agency.

Even without a director, the CFPB  is open for business and will work on:

• mortgage servicing problems, including foreclosure
• overdraft and other overpriced bank fees
• prepaid cards
• payday loans
• credit scores, credit reports
• student loans and more

Starting today, the CFPB will begin to tackle consumers' credit card complaints. The Bureau will share credit card complaints with issuers in an effort to resolve them. Other types of complaints will be logged and referred to other regulators while the Bureau continues to build its staff and expertise

To reach the the CFPB's Consumer response unit consumers can visit www.consumerfinance.gov and click on "Submit a credit card complaint" or call 855-411-CFPB (2372). Problems other than credit card complaints can be shared with the Bureau by clicking on "Tell your story".

"It's time for Congress to accept the fact that they passed a law one year ago today to help protect the public from monumental financial abuses. It's time for Congress to stand with consumers, by supporting the CFPB's authority and independence. The CFPB is the only financial regulator that exists to fight for consumers. We need to fight for its survival," says Consumer Action Executive Director Ken McEldowney.

Consumer Action urges the Senate to let the CFPB fulfill its mission.

About Consumer Action

Consumer Action has been a champion of underrepresented consumers since 1971. A national, nonprofit 501(c)3 organization, Consumer Action focuses on financial education that empowers low to moderate income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change particularly in the fields of credit, banking, housing, privacy, insurance and utilities. www.consumer-action.org

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