Consumers don't need more hidden fees, tricky loans, or a repeat of financial crisis
CFPB has taken action over the years against Toyota Motor Credit, Comerica, Cash App and more.
The agency was born out of mortgage crisis.
For years, I told consumers who ran into problems with their auto loans, mortgages, credit cards, payment apps, student loan servicers, credit reports and more to reach out to the Consumer Financial Protection Bureau and file a complaint.
It's the go-to federal agency for reporting financial fraud, hidden fees, scams, abusive practices and more. The one-stop shop for protecting consumers and making sure they're treated fairly by banks, lenders, and other financial institutions.
Need a break? Play the USA TODAY Daily Crossword Puzzle.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
an hour ago
- Bloomberg
Fed Appoints Michael Horowitz as New Inspector General
The US central bank appointed Michael E. Horowitz to head the Federal Reserve Board's Office of Inspector General starting June 30. He will also serve in that role for the Consumer Financial Protection Bureau.

USA Today
19 hours ago
- USA Today
Procter & Gamble to cut 7,000 jobs as tariffs and consumer uncertainty loom
Aishwarya Venugopal and Jessica DiNapoli Reuters Procter & Gamble PG.N will cut 7,000 jobs over the next two years, as the Tide detergent maker contends with an uncertain spending environment, fueled in part by U.S. tariffs that have roiled numerous consumer companies. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. "This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. The job cuts amount to about 6% of its workforce, which P&G characterized as part of its ongoing strategy. Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." Need a break? Play the USA TODAY Daily Crossword Puzzle. In case you missed it: Procter & Gamble sees lower sales, higher prices amid Trump trade wars President Donald Trump's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States. P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates. The rates have frequently changed over the past few months. Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters analysis showed. In April, P&G said it would raise prices on some products, and Schulten said it was prepared to "pull every lever" in its arsenal to mitigate the impact of tariffs - primarily through higher prices and cost-cutting. "The two-year window ... gives them some flexibility in terms of timing and depth of cuts, as the tariff situation is very fluid," said Christian Greiner, senior portfolio manager at F/m Investments that owns shares in P&G. The restructuring will help simplify the organizational structure by "making roles broader" and "teams smaller," P&G said. "Spring cleaning at scale, shedding low-growth, low-moat units frees up cash to turbo-charge Tide, Pampers and Old Spice — the core brands," said Michael Ashley Schulman, chief investment officer at Running Point Capital. In the past few years, P&G has exited the Argentina market and restructured its operations in Nigeria. It also divested the Vidal Sassoon hair care brand in China and a few other local brands in Latin America and Europe. The company imports raw ingredients, packaging materials and some finished products into the U.S. from China. About 90% of what it sells is produced domestically, P&G has said. The company had about 108,000 employees as of June 2024. The job cuts would account for roughly 15% of its non-manufacturing workforce. P&G expects to record charges of $1 billion to $1.6 billion before-tax over the two-year period, with a quarter of the charges expected to be non-cash. Shares of the company were down about 1% in early trading. The stock has been largely flat over the past 12 months. Reporting by Rishabh Jaiswal, Juveria Tabassum, Aishwarya Venugopal in Bengaluru and Jessica DiNapoli in New York; Editing by Janane Venkatraman, Rashmi Aich and Sriraj Kalluvila


USA Today
20 hours ago
- USA Today
Bernie Madoff victims to recoup $498 million in settlement, recovery hits $15.26 billion
Jonathan Stempel Reuters Former customers of the late Ponzi schemer Bernard Madoff will recoup $498.3 million under a settlement on Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about $15.26 billion. The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff's firm collapsed in December 2008. Irving Picard, the trustee liquidating Madoff's firm, said the $498.3 million represents all transfers that the Luxembourg funds received from the firm. The funds will also give the Madoff firm's bankruptcy estate 15% of proceeds from their lawsuit in Luxembourg against the Swiss bank UBS UBSG.S. They are expected to receive $45.1 million on their own claim against the estate. The funds did not admit wrongdoing. Need a break? Play the USA TODAY Daily Crossword Puzzle. Who was Bernie Madoff?: Who did his Ponzi scheme impact and how did he get caught? Court approval is required, and a June 25 hearing has been scheduled. A lawyer for the Luxembourg funds did not immediately respond to requests for comment. Prior to Wednesday's settlement, Picard recovered $14.76 billion for Madoff customers, whose losses he has estimated at $17.5 billion. Payouts go to 2,656 customers whose claims he deemed valid. The payouts are separate from the $4.3 billion awarded by the U.S. government-created Madoff Victim Fund to 40,930 individuals, schools, charities and pension plans. These recipients included customers, and victims who lost money indirectly through Madoff, including in "feeder funds." Madoff concealed his fraud for decades before confessing to his sons one day after his firm's 2008 Christmas party. He pleaded guilty to 11 criminal charges and was sentenced to 150 years in prison, with the sentencing judge calling Madoff's crimes "extraordinarily evil." Madoff died in prison at age 82 in April 2021. Reporting by Jonathan Stempel in New York; Editing by Rod Nickel