In the often-confusing world of finance, the Consumer Financial Protection Bureau (CFPB) is a valuable source of free information for homebuyers and others making a major purchase or investment.
Created by Congress following the 2008 financial meltdown, the bureau provides helpful educational materials, tools for making financial decisions, and conflict resolution with financial institutions. The bureau’s motto is “We’re on your side.”
Here are some of the highlights of how the bureau helps consumers:
Educational Materials
The bureau’s website offers several helpful educational guides, including materials aimed at adults, youth and educators teaching financial fitness. One section is dedicated to managing the finances of people who are unable to make decisions for themselves. Check the website for webinars on specific topics of interest. Don’t forget to check archived webinars.
Calculators
Know Before You Owe tools are available on the bureau’s website for different types of loans, including auto and college loans and mortgages. Review tutorials on weighing the future impact of taking on certain debts and use online calculators to crunch the numbers.
Resolving Consumer Conflicts
The bureau is not just an information source. The agency has some teeth for helping consumers resolve conflict with financial institutions. Consumers may file an online complaint with the bureau, which will then contact the financial company in question. The company has 15 days to respond. Most complaints must be resolved within 60 days.
Online Community
A “Tell Your Story” section on the website provides an opportunity for consumers to tell their consumer experiences, positive and negative, in the hope of helping others.
Find all these resources and more at www.consumerfinance.gov.
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