CFPB Web Portal to Answer Consumer Questions

American Banker
March 23, 2012
Davidson, Kate

The Consumer Financial Protection Bureau recently announced the launch of its new interactive database, which allows consumers to obtain answers on common inquiries having to do with financial products. The "Ask CFPB" portal is just one of many efforts by the bureau to reach out to the public. CFPB director Richard Cordray said the goal of the portal is to provide consumers with clear, unbiased information. He added that the agency will steer clear of any fiduciary relationship with borrowers. "We're not giving personal, contextual advice for an individual who wants to decide whether they should open this bank account or do that," he clarifies. "We're providing general background for people to educate themselves and give them the availability to make those choices for themselves." The platform uses plain language to answer more than 350 questions, which fall into three categories: definitions, explanations, and situations. The bureau said it intends to add more questions and answers based upon user suggestions.
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