Consumer Resource Guide
The FACT Act established the Financial Literacy and Education Commission (FLEC). FLEC’s mission is to develop a national financial education website and strategy for financial education.
Over the past few months, there have been many interactive and helpful online tools launched by the government to help consumers better understand the rules and best practices in the financial services realm. Not only do these resources help consumers, but they can benefit employees in the financial services industry as well.
Addressing Credit Discrimination
Credit discrimination hurts both individual consumers and communities as a whole. It also prevents financial markets from working effectively. Fighting credit discrimination is a top priority of the Consumer Financial Protection Bureau.
http://www.consumerfinance.gov/addressing-credit-discrimination/
Answer and Solutions for Customers of National Banks
Helps you find answers to your National Banking questions. Use the shortcut keywords below to visit the category that interests you, or use the search window located at the top right corner of every page.
Bureau of Consumer Protection Business Center
The Bureau of Consumer Protection has launched a New Business Center that gives business owners, attorneys, and marketing professionals the tools they need to understand and comply with the consumer protection laws, rules, and guides the FTC enforces. The Business Center also provides practical, plain-language guidance about advertising, credit, telemarketing, privacy, and other topics.
CFPB Credit Card Agreement Database
The CFPB maintains a database of credit card agreements from more than 300 card issuers. Using the Credit Card Agreement Database, you can search for an agreement in one of two ways: by the name of the issuer, or by the text within the agreement.
CFPB Deposit Account Complaint System
The CFPB has begun accepting complaints about various accounts, including checking accounts, savings accounts, CDs and related services. There are 5 complaint categories: opening, closing or managing an account; deposits and withdrawals; using a debit or ATM card; making or receiving payments and sending money to others; and problems related to low account funds.
CFPB Mortgage Complaint System
The CFPB is accepting mortgage complaints from consumers who have experienced difficulties in the housing market, including problems related to mortgage documents, mortgage servicers, and foreclosure.
CFPB Student Loan Complaint Tool
In the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress established an Ombudsman for private student loans within the Consumer Financial Protection Bureau to assist borrowers with private student loan complaints. This means a single federal agency is now responsible for watching out for all students and families who choose to borrow private student loans.
Consumer’s Guide to Credit Cards
Website that will help consumers understand how they are affected by credit card rules. Two interactive features allow consumers to learn more about terms and fees of credit card offers, and about monthly statement features.
Consumer’s Guide to Credit Reports and Credit Scores
Released by the Federal Reserve, this publication provides information about credit reports, credit scores, and protecting credit histories. It also describes the content of a credit report, explains how a credit score is used, and discusses credit bureau roles.
Credit Card Database
Required by the CARD Act, this site provides a searchable database through which consumers can access credit card agreements from over 300 card issuers. Updated quarterly, these agreements contain information on credit terms, conditions, pricing, and fee information.
Dodd-Frank Update Regulatory Reform Webpage
The Federal Reserve has developed a great website that outlines Dodd-Frank implementation initiatives recently completed by the Fed, and several of the most significant initiatives the Fed expects to address over the coming months.
Electronic Deposit Insurance Estimator
New version of electronic deposit insurance estimator to provide increased functionality and enable banks to customize and integrate it into their websites. Allows coverage calculation for irrevocable trusts and government accounts, and personal and business accounts. Also gives users the ability to calculate coverage for deposit accounts that mature in or after 2014, and includes updated FAQs about deposit insurance, glossary of terms and FDIC contact info.
Electronic Payments Countdown Clock
The Treasury has unveiled an official countdown clock, marking one year until the March 1, 2013 deadline when all federal benefit recipients must receive their Social Security and other federal benefit payments electronically.
FDIC Consumer Newsletter
The FDIC has relased a consumer newsletter that offers consumers simple strategies in 3 areas: saving for retirement, improving credit scores, and buying vs. renting a home. The publication also offers new tips and information related to Internet banking.
FDIC Consumer Newsletter
The FDIC has released a newsletter that contains seven articles on banking tips for small business, including advice on start-up loans, paying everyday expenses, avoiding fraud and tapping useful resources.
FDIC Consumer Tips of the Week
Provides quick tips to consumers regarding how to manage their money.
FDIC Quick Guide for Consumers on Credit, Debit, and Prepaid Cards
The FDIC has issued a guide to help consumers understand the differences between debit, credit and prepaid cards. The guide is intended to help consumers, who routinely use cards to pay for goods and services but who don't always understand the differences in how these cards work or the applicable consumer protections.
FDIC Tips on Preparing Financially for a Natural Disaster or a Fire
Tips on how to prepare financially for a natural disaster, fire or other tragedy, especially one that requires consumers to evacuate their home and not return for days or weeks. Other topics include what to know before signing up for person-to-person, or "P2P," electronic payment services using a smartphone or mobile computer, and how to solve mysteries of old bank accounts. Also includes an update on new standards for and disclosures by mortgage loan professionals.
Federal Reserve FAQs
The Federal Reserve has redesigned and expanded its Current FAQs section of its website. The new Q&As address the Federal Reserve's roles and actions, currency and coin, consumer issues, the banking and financial system, and the economy.
Gift Cards: OCC Provides Tips for Consumers
The OCC has released an advisory to communicate some things about terms and conditions associated with gift cards. The information discusses some of the most important terms and conditions that consumers should understand, and that must be disclosed.
HUD How-To Videos
HUD and the National Association of Realtors (NAR) have unveiled three how-to videos to help prospective homeowners find a home they can afford, shop for a mortgage they can sustain, and what to expect when they go to closing.
Income-Based Student Loan Repayment Plan
The information here describes the Income-Based Repayment (IBR) Plan for federal student loans. It includes the IBR eligibility requirements, the benefits of IBR, an IBR payment calculator, and some examples of how a borrower's monthly student loan payment amount can be reduced under IBR.
Know Before You Owe – Student Loans
The CFPB and the Department of Education have teamed up to launch a new Know Before You Owe project aimed at creating a “financial aid shopping sheet,” which colleges and universities could use to help students better understand the types and amounts of aid they qualify for, and to aid students in easily comparing aid packages offered by different institutions.
Know Your Options
Created by Fannie Mae, this site is an online resource to educate struggling homeowners. It is designed to show all the choices that a struggling homeowner has, and provides interactive first-person video accounts from homeowners and counselors, as well as guidance on how the homeowner can contact and work with their mortgage company to find solutions.
My Money
Contains financial information from 21 federal agencies; provides money management tools, including a financial savings calculator, worksheets for establishing a household budget and a college preparation checklist.
NCUA Consumer-Facing Website
NCUA consumer content has been moved to www.MyCreditUnion.gov, and consumers who want to learn about credit unions, or need help with their credit union, will have a one-stop, streamlined experience. This site is also available in Spanish.
NCUA Translated Website
A Spanish-translated version of the NCUA’s website, in an effort to reach Spanish-speaking consumers with relevant information.
NCUA YouTube Channel
The NCUA's Office of the Chief Economist has released an official YouTube video that is the first in a regular series of videos to inform credit unions and the public about economic developments affecting the credit union industry and the overall economy.
Prevent Loan Scams
Launched as a partnership between HUD and the Loan Modification Scam Prevention Network, this site provides a single destination to report alleged scammers, complaints filed online are added to a national complaint database and forwarded to appropriate law enforcement agencies.
Resources for Victims of Financial Crimes
Website helps consumers, who may have been victims of financial crimes, find the appropriate Federal agency to address their needs.
Settling Your Credit Card Debts
FTC consumer publication which says there is no guarantee that debt settlement companies can persuade a credit card company to accept partial payment of a legitimate debt. Lists additional red flags from companies that promise to settle credit card debt, and discusses practical no-cost and low-cost options for help, including dealing with creditors directly and contacting a credit counselor.
Student Debt Repayment Assistant
The Consumer Financial Protection Bureau (CFPB) has developed the Student Debt Repayment Assistant – a tool to answer questions about student loans and repayment options.
Student Loan Disclosure
Developed by the CFPB and the Department of Education, this draft shopping sheet (a model financial aid disclosure form) makes costs and risks of student loans clear upfront, before students have enrolled, outlining total estimated student loan debt and monthly loan payments after graduation.
Tips for Avoiding Mortgage Modification Scams
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Consumer Financial Protection Bureau (CFPB), and the Treasury have created a joint task force to combat scams targeted at homeowners seeking to apply for the Home Affordable Modification Program. They have released tips for homeowners struggling to make their mortgage payments, and have warned that these homeowners should beware of con artists and scams that promise to save their homes and lower their mortgage debt or payments.
What to Expect When You Apply For a Mortgage Loan
Educates consumers about new mortgage process required by RESPA and about the impact of credit score on the interest rate of a mortgage loan. Informs consumers who are shopping for a home loan about the importance of good credit; also describes changes to the mortgage process that should help consumers find a loan that best fits their needs.
What You Need to Know: New Credit Card Rules
Discusses what credit card provisions mean for consumers.
What You Need to Know: New Overdraft Rules for Debit and ATM Cards
Explains how overdraft rules will affect existing and new accountholders and contains basic information about the types and costs of overdraft services, and defines terms in bank communications and overdrafts.
What You Need to Know: New Rules about Credit Decisions and Notices
The Federal Reserve has released a new online publication, titled "What You Need to Know: New Rules About Credit Decisions and Notices," in order to help consumers understand risk-based pricing notices.
What You Need to Know: New Rules for Gift Cards
New online publication to help consumers better understand how to protect themselves against harmful gift card practices. Describes types of cards covered under new gift card rules and highlights key protections, including new limits on expiration dates, requirements for clear fee disclosures, and fee restrictions.