in FYI
print the content item
The Consumer Financial Protection Bureau (CFPB) has launched Ask CFPB, an interactive online tool designed to help consumers find "clear, unbiased answers" to their financial questions.

According to the CFPB, the new online tool currently contains more than 350 entries covering three general categories of questions and answers - Definitions, Explanations and Situations. The system also allows consumers to provide feedback by rating the answers, submitting questions and sharing their own input.

The majority of the entries are currently focused on credit card and mortgage questions. In the coming months, the bureau will expand the database to answer questions about a range of financial products and services, including student loans, auto loans, and checking and savings accounts.

"Financial markets can be complex and confusing, and consumers need information they can count on," says CFPB Director Richard Cordray. "Ask CFPB gives consumers answers in plain language so they can make sound financial decisions. But today's launch is just the beginning - we will continue to grow and improve this dynamic tool with the invaluable public feedback we receive."


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.


CFPB Seeks To Ease HMDA Reporting Requirements

The CFPB is proposing to exempt lenders that originate fewer than 25 mortgages a year from its new HMDA reporting rules. In addition, financial institutions with a large number of reported transactions would be required to submit HMDA data on a quarterly, rather than annual, basis.

LenderLive_id1241
Hse SandyHook
Industry Resource
Play for Pink
SWBC_id1313
Safeguard_id1322
NAMFS_id1321