User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


32° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

How To Use New Consumer Site

April 13, 2012, 10:00 PM by Angela Kennecke

How To Use New Consumer Site
SIOUX FALLS, SD -

The Consumer Financial Protection Bureau was established in response to the mortgage meltdown and series of abuses against consumers.  The agency wants to hear from consumers on everything from financial products to mortgages, credit cards and student loans.

Have a question about a reverse mortgage or a credit card?  You can now go to the Consumer Financial Protection Bureau's website and ask.  The agency has posted about 350 entries and you can submit your own question as well.

"So we're talking about all the ways people borrow and access money to live their lives; mortgages, credit cards, student loans, basic banking, savings accounts, debit cards.  Could be pay day loans; other types of transactions.  Debt collection is in our authority," CFPB Director Richard Cordray said.

The CFPB is an oversight bureau and is currently coming up with new rules for home loan services, including requiring statements that are easier to understand and warnings before interest rates change.   The CFPB wants to force mortgage services to provide direct and easy access for troubled borrowers. 

"They can expect continuity of contact so they don't call once and send in paperwork and no one remembers they ever talked with them and paperwork has been lost. It's happened repeatedly to many people across this country and it's poor customer service and it's something that the mortgage services need to clean up and under our authority, we'll be able to make them clean it up," Cordray said.

The CFPB says it needs consumers' help to find out where problems are in the financial industry and it's asking people to file complaints online. 

"They can bring those to us and we will work with financial institutions to try to get those complaints rectified.  That's an important think we're going to be able to do for Americans across the country and that's something that I think will make a difference, already is making a difference for people from what I hear from them about problems we've helped them resolve," Cordray said.

The agency will take input from consumers and the financial industry on the new rules for mortgage services over the summer and finalize then in January.

http://www.consumerfinance.gov/askcfpb/

http://www.consumerfinance.gov/complaint/

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Sioux Falls Nail Salon Shut Down By SD Cosmetology Commission

10/30/2014 11:00 AM

The South Dakota Cosmetology Commission has shut down #1 Nails Salon in Sioux Falls.  The commission revoked the license of owner Ngoc Lan T...

Full Story
Nail Salon's License Revoked

10/30/2014 6:07 PM

Bribery attempts and safety and sanitary violations have put a Sioux Falls nail salon owner out of business.

Full Story | Watch
SD Unclaimed Property Fund Up To $65 Million

10/30/2014 1:45 PM

South Dakota's unclaimed property fund is now up to $65 million.

Full Story
Sioux Falls To Get Second Five Guys Location

10/29/2014 11:45 AM

Five Guys Burgers and Fries will open up a second location in Sioux Falls in the former Extreme Automotive building at 49th Street and Louise Avenue.

Full Story
Three Sushi Restaurants Back Open

10/27/2014 11:10 AM

The three sushi restaurants that closed last week in Sioux Falls were back open for business over the weekend.

Full Story


Events