It’s been almost two years since the creation of the Consumer Financial Protection Bureau, and one year since it got most of its powers. Washington Post columnist Michelle Singletary had a great article in yesterday’s paper about what the CFPB has done so far and some of the initiatives that are in the works.
She wrote about the Know Before You Owe project, which will help consumers better navigate mortgages, credit card agreements, and student loan options:
“Had more people understood the consequences of their borrowing and recognized and avoided the predatory practices that led them to dig a debt hole they couldn’t climb out of, we wouldn’t have had the housing meltdown. The Know Before You Owe initiative isn’t just about blaming the financial industry or shifting all the responsibility onto the companies. It’s about making sure people have all the information they need to make better financial decisions.”
Elizabeth proposed the idea for an agency that would help protect consumers from the tricks and traps buried in the fine print of consumer credit products and to holding big banks accountable. The CFPB is already starting to make a difference for homeowners, families, students, seniors, and servicemembers – and it’s just getting started.
To read the rest of Singletary’s article, click here.