The Consumer Financial Protection Bureau has launched a new tool called Ask CFPB to help answer financial questions consumers might have. Right now more than 350 entries are available on topics like credit cards and mortgages. As this tool takes off, the Bureau hopes to expand the list of topics to cover student loans, auto loans, checking and savings accounts. You want it, they have it.
Richard Cordray, the Director of the CFPB, explains the intuition behind this helpful tool:
“Financial markets can be complex and confusing, and consumers need information they can count on… 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.”
The website is user-friendly and helps consumers understand their rights. The key to this tool’s success is its simplicity. Consumers can now access information they need to make smart financial decisions from a single trusted source. Ask CFPB is equipped with definitions, explanations, and situations to help answer questions. And if your question is not one of the 350 already addressed? No problem. You can submit your question and upon request the Bureau will even directly contact you. In fact, that’s how I obtained this information about Ask CFPB itself.
The Ask CFPB tool is new and allows consumers to rate entries to help improve the site as it grows. There are also options to share answers with friends and family via social networking websites and email.
Thanks to the CFPB for saving us from the fine print and big words. Let’s hope this consumer-friendliness is a sign of things to come.
Have questions? Check it out for yourself: Ask CFPB.
Assisted by Setareh Ebrahimian