In the past, consumer protection was spread out among seven different financial agencies and, unfortunately, those agencies were more focused on the safety and soundness of a financial institution rather than the protection of consumers.
But the CFPB, established by Congress, promises to be different and, at least on this first day of the agency, consumer advocates are optimistic.
Starting today, the CFPB will have a toll free number for consumers to call regarding credit card complaints. That's a big, big plus for consumers.
You can also submit your credit card complaint to CFPB online directly through the agency's website. There, you can also get help if you're having trouble paying your mortgage. At no cost to you, the CFPB will help you explore your options and get the information you need to get started on an action plan.
CFPB is looking at mortgage documents and they're going to simplify the disclosure of mortgage documents to reduce it to one or two pages so that consumers can compare apples to apples and compare the true cost of taking out a loan in terms of the risks and the costs.
The website also acts as a means of giving the CFPB your input.
You can find out more or get started at the links provided below:
