Think banks, lenders and other financial institutions aren’t treating you fairly? Now you have the power to tell the government about it, and in the process…(potentially) make some changes.
The Consumer Financial Protection Bureau now allows petitions to be submitted directly to the agency which gives the option to request the agency to consider a new rule on a financial issue, amend an existing rule, or repeal one.
Before this change, one could comment on proposed financial rules, but that meant you would need a high-priced attorney or lobbyist for your concerns to actually be heard.
The change is also supposed to give more transparency to what lobbyists are doing as they are required to go through the same "petition-process" as everyone else.
Consumer-advocates are hoping the change will lead to new or revised rules around issues including overdraft fees, pay-day loans and credit.
Petitions can be submitted by emailing petitions@cfpb.gov
You can see already submitted petitions on the Consumer Financial Protection Bureau website under the rules and police tag here.
