How To Use New Consumer Site
News from KELOLAND TV:

SIOUX FALLS, SD –

The Consumer Financial Protection Bureau was established in response to the mortgage meltdown and series of abuses against consumers.  The agency wants to hear from consumers on everything from financial products to mortgages, credit cards and student loans.

Have a question about a reverse mortgage or a credit card?  You can now go to the Consumer Financial Protection Bureau’s website and ask.  The agency has posted about 350 entries and you can submit your own question as well.

“So we’re talking about all the ways people borrow and access money to live their lives; mortgages, credit cards, student loans, basic banking, savings accounts, debit cards.  Could be pay day loans; other types of transactions.  Debt collection is in our authority,” CFPB Director Richard Cordray said.

The CFPB is an oversight bureau and is currently coming up with new rules for home loan services, including requiring statements that are easier to understand and warnings before interest rates change.   The CFPB wants to force mortgage services to provide direct and easy access for troubled borrowers. 

“They can expect continuity of contact so they don’t call once and send in paperwork and no one remembers they ever talked with them and paperwork has been lost. It’s happened repeatedly to many people across this country and it’s poor customer service…………… continues on KELOLAND TV

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