Meet the Consumer Financial Protection Bureau
This week is National Consumer Protection Week, and Elizabeth Warren has written a great post on the Consumer Financial Protection Bureau’s (CFPB) blog about how she and the CFPB are working to help citizens understand the costs of borrowing money.
From the blog post:
Too many families that work hard and play by the rules are stretched to the breaking point. They have taken on debt to pay for college, a home, and other needs. The latest economic crisis is just one more blow in an increasingly dangerous economic world.
There was a time when the basic terms governing consumer financial products were pretty easy to see. But that has changed. Today, too many lenders hide complex terms among pages and pages of fine print in credit agreements, making it hard for borrowers to compare one product to two or three others.
The CFPB is working to change that. When prices and risks are clear up front, consumers can make the choices that are best for themselves and their families. In other words, we want a credit market that works for consumers.