It’s getting to be that time of the year again. College students are beginning to seek out internships that will help them as they continue with their educations and hope to improve their resume once they’re on the official job hunt. For many financial-based degree programs, the Consumer Financial Protection Bureau offers a lot – and the opportunities are well worth considering. We went straight the powerful bureau for information on what it’s offering today’s college students in the way of internships. Here’s what we found.
First, you should know CFPB is actively looking for “energetic, dedicated people for internships and full-time positions across our teams.” Sounds promising, yes? And…you should know, too, this is one of the most visible government agencies in today’s current financial sector. The bureau is looking for grad students, undergraduates and of course those who have already graduated with their degrees. It’s all about finding the talent and then pooling those strengths to ensure the bureau remains a strong consumer-based agency in the nation.
With the re-election of President Obama, CFPB is once again focusing on its continued efforts of being a strong voice for the collective consumer. As many know, had Mitt Romney been elected, it could have resulted in disbanding the agency in its entirety as Romney had promised Wall Street bankers that he would overturn the latest financial laws, including Dodd Frank regulations and the 2009 CARD Act. These laws are the reason the bureau was allowed to form in the first place and rescinding them would have meant a very short lived legacy.
What to Expect
Wondering what kind of work CFPB does? You should know this is the government agency that reined three of the biggest credit card companies in one short year and forced millions in fines for their role in bilking their customers. It’s also the agency that put into place a new database that allows consumers to file their complaints against their credit card company and it’s also the one that’s now going after subprime mortgage lenders, predatory payday lenders and student loan companies that are taking advantage of college students and their families. This is the one government agency that doesn’t rest on its laurels. Part of its mission statement tells the tale,
We listen to and adopt ideas from all levels of the organization. Serving American consumers isn’t just our job, it’s our passion.
CFPB Summer Internship
This is also known as its Pathways Program. It’s a ten week summer internship that’s designed for those students with “high potential” in the financial sector. Their roles will include assisting in most, if not all, of the bureau’s operations and mission-oriented projects. As an intern, you will walk away with priceless on the job training, especially in the technical aspects of CFPB. You should know your chances are increased if you apply for this internship with a bit of knowledge in the American finance and economic areas. The really great part of this internship is that the possibilities are endless because you won’t be tied down to one department or one task – it’s more of an “all over the place” effort that can play a big role in how you ultimately pursue your own career. It’s fast paced, energetic and offers many rewards for your dedication.
Director’s Financial Analyst Program
Unlike the Summer Internship, this is a two-year fellowship that includes rotations. You’ll get the opportunity to work across the board in a more in-depth manner. Those rotations include opportunities to work with those making new credit card laws, research & development, markets & regulations, supervision enforcement, changes and revisions to many laws, including Fair Lending & Equal Opportunity, strategy and operations with a “supply and demand” approach – and much more. This is an intense program, and one that’s definitely worth your consideration if you’re considering a career in banking or other financial related industries. Your strong points, skills and interests will play a significant role in how your various assignments are given and the needs of the various teams within the bureau also play a role.
The final leg of your time in this program will ensure you are armed with the skillsets to succeed in any financial career you might choose. The fact that you can include this experience on your resume only makes you that much stronger in your efforts of building your career.
We were wondering what this particular program featured. Here’s what we found:
You’ll discover opportunities that allow you to make meaningful progress in the credit card industry and other projects that affect consumers. You’ll also get the advantage of mentorship from “seasoned career development advisers”. These advisers have their own extensive experience in both the public and private financial sectors. The training you’ll receive is versatile and will allow you to really expand your career options. You’ll learn about financial markets, problem solving skills and the ability to work with the public in an ethical and transparent manner. You’ll also get your feet wet with certain compliance laws, such as consumer privacy and how to handle sensitive data.
As you may know, the initial focus of CFPB was targeted towards credit card companies, the various rules and regulations associated with how these companies could operate as well as developing a meaningful avenue for consumers who felt as though there was no where to turn when it came to filing legitimate complaints that would get noticed and ensure change.
CFPB is also working to further develop Presidential Management Fellows.
After the Internship
If it turns out you feel as though you can make a difference in the lives of those influenced by the various credit and financial laws and regulations, CFPB employs intern talent in many of its divisions, including its Operations, Finance, human capital, technology, consumer response, minority & women related issues, procurement, consumer education, student education, enforcement and fair lending. Not only that, but there are many laws that CFPB plays a role in, including President Obama’s 2009 CARD Act.
Like the idea of combining finance and law? There’s room for those driven individuals, too. Again, because politics, legalities and finances go hand in hand, the opportunities are many for those with those types of goals. A few examples might be laws associated with how debt collectors attempt to collect credit card debt, student loan debt and mortgages.
Because of the historical events playing out right now in the financial industry, the time has never been more exciting for those entering careers in these areas. Remember, there are new fiscal cliff considerations – and credit card interest is sure to be affected if not directly, then certainly in an indirect manner, as will banking responses and other economic events that will affect the consumers the bureau helps. There are regulations research, general law and ethics, litigation & enforcement and law & policy areas that are currently being developed, too.
For summer interns, applications are now being accepted and traditionally open up in the fall while spring and winter interns can apply as the opportunities are posted.
Have you interned for CFPB? If so, share your experience with us and our readers. If you’re interested in applying to any of these internship opportunities, you should visit CFPB site at consumerfinance.gov.
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