Scams, fraud, and financial losses can happen to anyone. The Consumer Financial Protection Bureau (CFPB) helps protect consumers, but if it shuts down, you still have options. Several agencies and legal paths remain available to help you recover lost funds and hold wrongdoers accountable.
Report fraud to state agencies
Each state has regulatory agencies that oversee financial institutions. Your state’s attorney general’s office or consumer protection agency can investigate complaints against lenders, debt collectors, and other financial entities. Many states offer online complaint portals where you can submit details about the issue and seek resolution.
File a complaint with the FTC
The Federal Trade Commission (FTC) investigates deceptive business practices. If you experience fraud, file a complaint at reportfraud.ftc.gov. The FTC does not resolve individual cases, but it takes enforcement actions against companies that engage in widespread misconduct. Reporting fraud also helps prevent future scams.
Seek help from financial regulators
If your issue involves banking, loans, or credit cards, contact the appropriate regulator. The Office of the Comptroller of the Currency (OCC) handles national banks, while the Federal Deposit Insurance Corporation (FDIC) oversees state-chartered banks. For investment-related fraud, report to the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA).
Consider legal action
If government agencies cannot resolve your issue, legal action may be necessary. Small claims court offers a way to recover smaller financial losses without hiring an attorney. In cases involving widespread fraud, class-action lawsuits may provide compensation. Consumer protection lawyers and legal aid organizations can also help you understand your rights.
Use consumer advocacy resources
Nonprofit organizations like the National Consumer Law Center (NCLC) and the Better Business Bureau (BBB) provide assistance. The BBB allows you to file complaints, and some businesses resolve disputes to maintain good standing. Consumer advocacy groups also push for stronger protections and provide self-help resources.
Even without the CFPB, many resources exist to fight fraud and financial wrongdoing. Understanding this will allow you to take action and protect your rights.