Finally, there is hope out there for all of us who have credit cards, home loans, and other financial products that we want to work for us. Don’t you get tired of them calling you and harassing you either with new financial products to add on to what you already have or tell you how better to pay your bill every month? Some of us are even being harassed for paying the minimum payment every month! But thanks to President Obama’s financial reform a watchdog division of government was born to keep everyone honest.
According to the Paper Chase, The Consumer Financial Protection Bureau will not only keep the banks honest, but it will be working on the consumer’s behalf by watching credit companies “terms.” You know those disclosures you receive from time to time that keep you abreast of your accountability and responsibility to them that are supposed to inform you that the terms of your credit card have changed. But, the problem is, we never know what has changed because the terms are written in legal terms and not laymen’s terms. BAM! CFPB is not havin’ it! They are going to have to write them in plain english now and define their words.
Another act of the CFPB will be to make mortgage loan applications much easier to understand, so that consumers that are tryuing to buy a home are not hoodwinked into predatory lending schemes. Read more here on what you can expect when the CFPB gets on the job in July.