This new President fought for and closed toward laws the best consumer defenses of all time to your Dodd-Frank Operate
The latest Dodd-Honest Work developed the User Financial Defense Bureau (CFPB) and you may assigned it which have one to employment: to safeguard families when making monetary behavior. The initial-ever independent consumer watchdog, the newest CFPB handles middle class family members through they safer and you can simpler to submit an application for a mortgage and you can remember that its renewable. Accordingly, this new CFPB has done the next:
Requisite lenders to test a great borrower’s capability to repay their financing, so homeownership can once again help families build long-term wealth.
Authored legislation to be sure consumers see its latest fund and receive timely and useful information about their monthly payments and any upcoming changes to their loan.
Centered a consumer let hotline that has already addressed more than 175,000 complaints and helps keep CFPB informed of new problems facing families so it can better address new challenges. (suite…)