Michigan Internet Marketing Club: New online tools from the Consumer Financial Protection Bureau

New online tools from the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is having a busy 2015. Since its creation in 2011, much of its energy was focused on constructing rules for the financial industry to follow, as required by the 2010 Dodd-Frank Act. But this appears to be the year where a number of the rules are implemented. In many cases, the rules also include practical, interactive tools consumers can use to make financial decisions, as well as register complaints.

The CFPB’s “Know before You Owe” project offers consumers tools for the big-ticket items in life, buying a house and paying for college. For those shopping for a new home or refinancing their home, a new online tool is designed to help homeowners check the current home financing rates in their state, based on their credit score and type of loan sought. Know Before You Owe also offers an online worksheet that allows prospective students to compare higher education costs among up to three different colleges.

Read more about how the CFPB found that forced arbitration is detrimental to consumers.

If you have a problem with an existing financial product, the CFPB can advocate on your behalf. By logging your problem in the CFPB Consumer Complaint Database, the CFPB will contact the bank or financial servicer. Currently, the CFPB accepts complaints for more than 10 different categories, including mortgages, student loans, bank accounts, credit cards, and vehicle leases.

—Chris Horymski