Last week, the CFPB launched a new interactive online tool it’s calling “Ask CFPB” that contains questions and answers intended to help consumers better understand financial products and services. The questions and answers are divided into three general categories: definitions, explanations of terms and features, and information designed to help consumers navigate various situations (e.g. what if the rate at closing is higher than what my lender quoted at application?)
The current questions and answers are primarily focused on mortgages and credit cards but the CFPB says that it plans to build the database to answer questions about a broader range of financial products and services, including student loans, auto loans, checking and savings accounts, and prepaid cards.
We are supportive of the CFPB’s efforts to develop new tools on its website that further the goal of improving consumer financial literacy. However, before continuing to add even more website features, we hope the CFPB will consider the concerns about its website that were voiced to one its attorneys who participated in a panel discussion about the CFPB during last week’s spring meeting of the Consumer Financial Services Committee of the American Bar Association. Among the concerns raised was that it’s often difficult to locate and access various resources on the CFPB website.