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What exactly is the CFPB and why does it matter?

Not sure what the CFPB does? Or what it even stands for? We’ve got you covered.

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If you’ve been paying attention to the news recently, you’ve probably heard the CFPB mentioned and passed it off as just another a four-letter acronym. So why should you care? Because as a consumer, these guys (and gals) make it their mission to not only have your back but have also created a robust library of educational resources to help you get smarter about your financial choices. Let’s dig in.

Who is the CFPB?

The Consumer Financial Protection Bureau (CFPB) is a U.S. government regulatory agency charged with overseeing the financial products and services that are offered to consumers, like you and me. Created in July 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the agency’s mission is to protect, educate and empower consumers to understand the financial products out there and the nuances of financial services and programs like mortgages and other loans, credit cards, etc.

Prior to its existence, consumer protection fell under the jurisdiction of seven different government agencies (which as you might imagine wasn’t exactly the most efficient way of advocating for and protecting consumers, especially during financial crises like the Great Recession).

With transparency being an essential part of their mission and oversight, they even created a publicly browsable Consumer Complaint Database where consumers can view and submit complaints they are unable to resolve on their own with companies.  

Educational tools, resources and more      

A big advocate for consumer financial literacy, the CFPB has created a robust library of free tools and guides to help consumers navigate common financial situations in life, both big and small.

Unsure of the steps you need to take to acquire a mortgage as a first-time homebuyer? The CFPB has a guide for that. Need help figuring out how to pay for college? They have resources on that too.

From mortgage tips and tricks, to saving for retirement, to preparing for tax season, there are plenty of resources to help you understand the necessary steps you might need to take to accomplish a particular financial goal. Can’t find information on a specific topic? You can submit questions through Ask CFPB which searches the site for related topics or content.

Keep in mind that the resources available are intended to be more general and informational. Just like you, financial situations are unique. While the CFPB provides a great jumping off point, it's still important to enlist the expertise of loan originators in the Motto Mortgage network or other gurus who understand the nuances of their industries best.