Financial Agencies via the Government

Many are unaware of just how many resources, courtesy of the federal government, are available for consumers. While the recently-defined Consumer Financial Protection Bureau has made tremendous strides in consumer protections, it’s not the only agency ready to provide guidance and assistance for consumers struggling with everything from high credit card interest to scams. Here are a few of those agencies that you might want to bookmark for future reference.

FTC.gov

This government agency benefits both consumers and small business owners, but too many times, consumers don’t think of turning to the FTC when it comes to their economic and financial considerations. This federal agency has been around for many years. Few seem to know that the FTC is the only federal agency that oversees and deals with both consumer protection and competition jurisdiction in broad sectors of the economy. Its mission:

The FTC pursues vigorous and effective law enforcement; advances consumers’ interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and creates practical and plain-language educational programs for consumers and businesses in a global marketplace with constantly changing technologies. FTC’s work is performed by the Bureaus of Consumer Protection, Competition and Economics. That work is aided by the Office of General Counsel and seven regional offices.

Created in 1914 to prevent unfair and unethical competition in the business sector, its first responsibility was to “bust the trusts”. It evolved over the years as Congress passed various laws that provided further authority to oversee matters such as anti-competitive practices and deceptive business practices.

These days, the agency also administers many consumer protection laws that include telemarketing guidelines as well as the Equal Credit Opportunity Act – along with a host of other guidelines and information. In the mid 1970s, Congress gave the agency full authority for industry regulations across the board. While it’s had its share of problems over the years, the commitment to the American consumer has never wavered. Visit the Federal Trade Commission site at FTC.gov.

USA.gov

This is the official federal government “home” site. Everything that has to do with the American government can often be found on this website. It’s designed to provide information in an easy to understand format. It has links to every government agency and its mission is to provide Americans “trusted, timely and valuable” information. There are many great resources for consumers looking for answers when it comes to their finances. It’s administered and overseen by the Federal Citizen Information Center and has been in existence since September 22, 2000. Find information about credit card practices, banking practices and where to turn to for financial assistance.

CFPB.gov

As mentioned, this is the newest federal agency designed to put consumers first in the financial matters. It’s the voice of the people. Signed into law by President Obama, who believed the financial sector failed consumers, the bureau works to ensure transparent and responsibility by any number of agencies. Thinking ahead, the president worked to ensure the bureau has the funding needed to provide consumer assistance.

President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law and now, the CFPB will likely begin overseeing more agencies. Most recently, it was announced it would be overseeing the thirty-plus credit agencies in the U.S., including the three credit bureaus, Equifax, TransUnion and Experian.

This site as quickly become the go-to for consumers searching for information in a very weak economy. Here you’ll find literally hundreds of resources and you can also put your two cents in when it comes to what you’d like to see change or improved within the banking and credit card sectors. This powerful watchdog continues to maintain its focus.

MyMoney.gov

Finally, MyMoney.gov is a branch of the FTC that covers everything from retirement options, the latest in the credit card industry and which products are better for consumers when it comes to how they save and spend. Here you’ll find various mortgage and credit card calculators, breaking news, information on how to choose credit cards, bank accounts and insurance and a host of other important information.

You’ll also find important information on retirement funds, employment, taxes and even what’s going on in Congress and the House of Representatives. If it has to do with money, how it’s spent, saved or lost – you’ll find it on MyMoney.gov.

These website are just a few of the dozens of government agencies that are available for consumers. If a consumer doesn’t know those resources are available, though, those agencies mean little. Ultimately, though, if you – as a consumer or taxpayer – don’t reach out, odds are, you might never know these resources are available.

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