Cordray: CFPB Addressing Debt Traps, Dead Ends, and Discrimination.

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Posted To: MND NewsWire

Richard Cordray , Director of the Consumer Financial Protection (CFPB) told the National Association of Attorneys General that, since he last spoke to them in 2012 CFPB had begun to address key problems in the consumer financial markets. In the largest market, mortgages , CFPB had adopted sweeping new rules to prevent a repeat of the "excesses and irresponsible practices" that helped precipitate the recent financial crisis. He said CFPB has also developed and delivered new tools for consumers and its consumer response function has, to date, fielded more than 130,000 consumer complaints, helping to return millions of dollars to consumers and solving problems that had been frustrating them for months or even years. CFPB has been making the prices and risks of mortgages clear by simplifying consumer...(read more)

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Source: http://www.mortgagenewsdaily.com/02262013_cfpb_consumer_pitfalls.asp

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