News Release March 12, 2014
Brenda Schmitt, ISU Extension
Family Finance Program Specialist
641-512-0650
Schmitt@iastate.edu
Got Complaints?
I generally discourage people from considering Pay Day Loans as a possible solution for financial
problems – it’s costly and can be part of a downward financial spiral.
In November 2013, for the first time, the Consumer Financial Protection Bureau (CFPB –
www.consumerfinance.gov) took legal action against a payday loan company. And they now have a
link for submitting complaints about payday loans.
The CFPB is a new federal agency whose purpose is to regulate the financial products industry, in
order to protect consumers. They accept complaints about any financial product. They’ve recently
added payday loans to their eight specific categories (plus a ninth “other” category) to choose from
when submitting a complaint:
mortgage, debt collection, credit reporting, bank account or service,
credit card, money transfer, payday loan, student loan, vehicle or other consumer loan.
If you want to tell the CFPB about something that isn’t exactly a complaint, they also have a link
where you can tell them your story. Hearing from consumers is essential for the CFPB to do its job, so
if you have had problems, or even just interesting experiences (positive or negative) telling the CFPB
may help lead to better regulation, better consumer information, or better education for everyone!