This week marks the 5th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau, an agency committed to protecting consumers from abusive financial products and practices. Over the past four years, we have seen the CFPB return over $10 billion to more than 17 million consumers tricked by deceptive financial practices, consider new regulations on payday lenders and prepaid cards, and successfully sue for-profit colleges for abusive lending practices.

The CFPB’s successes are thanks, in large part, to real stories shared by residents across the country. CFPB receives thousands of complaints every week about issues with banks, debt collection, paydays loans, student loans, prepaid cards, and many other areas. Take, for instance, Christine, a Chicago resident who shared her experience with payday loans in a recent video created by the Woodstock Institute:

The CFPB has been receiving complaints on issues such as those faced by Christine for years. Just recently, the CFPB made its Consumer Complaint Database public. To date, it has 421,413 complaints. For the first time, consumers’ concerns with financial products and services are easily accessible to the public. You can now read consumer narratives and analyze consumer complaint data from around the country.

Here are just a few short examples of consumer narratives from the 558 complaints filed in Illinois:

Penn Credit Collection called my job requesting payment on a bill I do not even owe. The company keeps changing their number and calls my job and cell phone constantly. I do not owe the debt they are trying to collect.

I received a call from a company, XXXX XXXX, stating that I owed a payday loan that I never took. I did look into one years ago, but the fees were outrageous and I didn’t finalize anything. They stated that it was my responsibilty to prove I didn’t take it and that the fact that they had my information was enough for them to prove I did. All I have is a phone number for them, XXXX and after searching online, I found that they are doing this to alot of consumers.

Used XXXX to load money on my prepaid PayPower XXXX card but it was not added to my account. Have a confirmation receipt from XXXX, have the actual hard copy of the receipt that I have emailed XXXX times to the company and called close to a dozen times, spoke with several supervisors but yet over and over again they pass the buck and can not offer a resolution. It has been almost a month and still they have not credited my money.

How does this help consumers?

Consumers can use this as a source when researching financial products and services. You can view complaints filed against different companies. Consumers can also see what issues others are having, and can learn what practices are a red flag.

Also, by making the complaints public, it may encourage others to come forward and report their concerns. The ability to record a complaint is an important tool for consumers, with 98% of people getting timely responses from companies when they file a complaint with the CFPB.

How does this help advocates?

Advocates can download and analyze the data to support local and state campaigns to strengthen consumer protections. For a more nuanced picture of what’s happening in communities, advocates can also access consumer narratives by zip code or by state. With a better understanding the challenges facing residents and the companies most at fault, this data can help us create real policy solutions in Illinois.

Take a look at CFPB’s Consumer Complaint Database, and spread the word to consumers and advocates about this great tool!

More and more people are using prepaid cards, yet it is a highly unregulated industry. According to the Pew Charitable Trusts’ 2014 report Why Americans Use Prepaid Cards, about $65 billions was loaded onto prepaid cards in 2012 – more than double the amount loaded in 2009.

Widely used by un/underbanked populations, prepaid cards are often used as an alternative to checking accounts. Most people who use prepaid cards are trying to gain control over their finances. The Pew Charitable Trusts’ report found that three of the top reasons people use prepaid cards are to:

• Avoid credit card debt
• Avoid spending more money than they have
• Avoid overdrafts

However, the majority of prepaid cards – specifically GPR, or “General Purpose Reloadable” cards – are not meeting the needs of the people who use them. Many prepaid cards have the wrong ingredients: a long list of predatory fees, barriers to accessing account information, and credit features, which many people are specifically trying to avoid when they buy a prepaid card. Instead of being a tool that helps families become financially secure, prepaid cards are often a costly trap that strips wealth from communities.

According to data from the Family Assets Count, 16% of Chicago families do not have a savings or checking account – twice the national rate. With so many Chicago households not using traditional bank accounts, it is critical for prepaid cards to be a safe and affordable alternative. Because of the high prevalence of un/underbanked families in Chicago and the high usage of prepaid cards in this population, Bank On Chicago decided to create recommendations for what a safe prepaid card would look like.

This spring, IABG worked with Bank On Chicago community partners to collect feedback about prepaid cards. We hosted discussions with partners and collected nearly 100 surveys from Chicagoans who use these products. Based on this feedback, we developed a list of the right ingredients for prepaid cards. IABG sent a letter to City Treasurer Kurt Summers today with those recommendations, which include:

Create an affordable, transparent and safe prepaid card by providing:

• Free ATM withdrawals
• No overdraft or credit features
• No point of transaction fees, monthly maintenance fees, or inactivity fees
• Standard, accessible, and easy to understand disclosures

Provide convenient and free access to account information by offering:

• Free customer service
• Free access to account balances
• Free paper statements
• Free online & mobile transactions

Help people become financially stable by offering a linked savings account. According to the Pew Charitable Trusts, 2 in 3 prepaid card users would welcome a savings feature. Savings are critical, as they can help people weather financial emergencies like a car repair, medical emergencies, or job loss.

See the full letter with our recommendations.

Bank On Chicago is a local coalition of government agencies, financial institutions and community organizations dedicated to improving the financial futures of unbanked and underbanked families in Chicago.

In 2013, 1,012,292 households in Illinois claimed the federal EITC. According to new data released by the Brookings Institution, 867,541 households claimed the Child Tax Credit that same year.

These credits total over 3.5 billion dollars, which went directly to low-income families in Illinois. The lump sum received by these households at tax time, enable workers to plan for their financial future. The credits help working families make ends meet, spend down debt, save for the future, and stimulate economic growth in local communities.

The federal EITC lifts millions out of poverty each year. Unfortunately, 50 million Americans, including 25 million children, will lose part or all of their tax credits if Congress does not take action. We need you to be part of the fight to help save the EITC and CTC.

Many IABG partners help prepare taxes for Illinois residents each year. As tax preparers, please join our partners at the Tax Opportunity Network by signing on to a letter urging Congress to take action this year. You can read the letter and add your organization here.

To find data on tax returns in your local community visit Brookings Interactive Resources.