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CFPB promotes Financial Literacy Month
April
is Financial Literacy Month, and we are teaming up with other
government agencies, nonprofit organizations, and businesses to promote
financial education.
CFPB Director Richard Cordray and the staff of the CFPB are taking a
leading role in spreading the word about the benefits of knowing more
about money.
Being informed is your best defense against the tricks and traps found in some financial products. Recently, we launched Ask CFPB,
a search tool to help you find plain-language answers to your questions
about credit cards, mortgages, credit scores, and more.
You can rate the questions and even suggest your own if you don’t find what you’re looking for.
Sometimes, information isn’t enough. That’s why we continue to take your complaints. You can now file complaints
about mortgages, credit cards, deposit accounts, vehicle and other
consumer loans, and student loans. When you submit your complaint, you
will be given a password and a tracking number to follow its progress.
Or, you can Tell Your Story.
Share your experiences with personal financial products and services –
good or bad – and help inform our ability to protect others.
We’ll also be on the road a lot this month, so mark your calendar for a few noteworthy events:
- Gail Hillebrand, the CFPB’s associate director of Consumer Education and Engagement, will speak during Financial Literacy Day on the Hill on April 17. She will also participate in the sixth annual Financial Literacy and Education Summit, co-hosted by the Chicago Federal Reserve Bank and Visa Inc., on April 23.
- On April 19, Assistant Director Camille Busette, from the CFPB’s Office of Financial Education, will be the luncheon speaker during the Texas Panhandle Community Asset Building Forum, hosted by the Dallas Federal Reserve Bank and the City of Amarillo.
- And, on April 21, I will present an overview of how the CFPB is helping consumers during the New York Public Library’s Financial Empowerment Day.
We hope to hear more from you and other consumers at these events or
on our website. You can also share your experiences and interact with us
on Facebook and Twitter. We’ll be presenting financial facts and tips
throughout Financial Literacy Month. They’ll introduce you to financial
issues, answer your questions, and guide you to important resources.
CFPB promotes Financial Literacy Month
April is Financial Literacy Month, and we are teaming up with
other government agencies, nonprofit organizations, and businesses to
promote financial education.
We recently launched Ask CFPB,
a search tool to help you find plain-language answers to your questions
about credit cards, mortgages, credit scores, and more.
We’ll also be on the road a lot this month. Check out our blog to learn more.
- What the proposed mortgage servicing rules could mean for you
- The CFPB’s source code policy: open and shared
- Utah: A Leader in Protecting Seniors from Exploitation
- Read more in the blog
Tampa Bay Business Journal by Margie Manning, Public companies editor/Senior staff writer
Date: Friday, March 16, 2012, 11:23am EDT
The creation of the Consumer Financial Protection Bureau
has created a fundamental shift in the policing of
financial markets with regard to mortgage lending, said the new agency’s
head, Richard Cordray.
While banks are regulated from a safety and soundness perspective from agencies such as the Office of the Comptroller of the Currency
, the Federal Reserve
and the Federal Deposit Insurance Corp., “when we
write rules that govern mortgage lenders, they will apply to all
institutions regardless of who their credentialed regulator may be,”
Cordray said.
The CFPB, created by the Dodd-Frank regulatory reform act of 2010,
also has the authority to regulate companies in the mortgage industry
that are not banks, including mortgage servicers who previously had very
little accountability, Cordray told journalists attending the
conference of the Society of American Business Editors and Writers in
Indianapolis. The CFPB can send people on site to inspect operations,
enforce the law if it finds violations, and write rules to address
problems in the marketplace.
Cordray, formerly the state treasurer and attorney general in Ohio,
said the most staggering aspect of the mortgage crisis has been its
durability. Initially viewed as a problem of rust belt states in 2004
and 2005, it has since spread nationwide and now is most pervasive in
the “sand states,” including Florida, with “no end in sight.”
Cordray also focused on two other issues that the CFPB is addressing —
credit cards and student loans. The agency recently proposed a
prototype credit card contract that is shorter and clearer than the
typical 5,000-word contract, and is working with the Department of
Education to develop a draft student aid “shopping sheet,” which would
help make student loans easier to understand.
Cordray, appointed by President Obama
in January, without Congressional confirmation, said he’s not worried
that a political change in control could jeopardize the CFPB.
“We have a job to do. My job is to protect consumers in the
financial marketplace,” he said. “As we do our work, I think we will
justify our agency.”
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