Want to ask the Consumer Financial Protection Bureau (CFPB) a question? Now you can! Last week the CFPB launched a new interactive online tool that includes a database of over 350 commonly asked questions related primarily to credit cards and mortgages.
While this tool is primarily geared towards consumer use, it can certainly be useful for credit unions and their compliance staff. The tool contains three primary sections: definitions, explanations, and situations. The situations section may be the most beneficial to credit unions as it can provide guidance on how the credit union could handle certain situations.
The tool also allows readers to provide feedback on the existing questions and allows for the submission of new questions. The CFPB will be adding additional topics to the tool in the coming months including student loans, auto loans, checking and savings accounts, and prepaid cards, so be sure to check back often to see what has been updated.
To visit the Ask CFPB website, visit this LINK.