CFPB: How Much Do Your Accountholders Really Know About the Bureau?
By: Kit Souther
The future of the Consumer Financial Protection Bureau (CFPB) is uncertain under the Trump Administration. Regardless of how tumultuous the relationship is between the Bureau and the banking industry, the CFPB has collected $12 billion in refunds for 27 million U.S. adults since it opened in 2011. Based on this fact alone, one could reasonably assume that a vast majority of your clients or members have a favourable opinion of the agency.
This assumption would be further bolstered by the results of a recent Consumer Affairs poll, which found that 80% of Americans “want a federal government agency whose goal is to protect consumers from unfair, deceptive, or abusive practices and take action against companies who break the law.” These words are derived from the CFPB’s mission statement, which can be read in full above.
Yet, one would be wrong. According to an article published on the 1st of March, an astonishing 81% of American adults do not know enough about the CFPB to have a formed an opinion about the Bureau and its practices. So, how much do your accountholders really know about the CFPB?
The chances are they do not know a lot about the CFPB. In today's marketplace, your Financial Institution can gain a competitive edge by providing clients/members with free educational materials to help them understand more about federal and state financial regulations and laws, and in turn, help to prevent consumer harm.
We plan to help your community Financial Institution by developing these resources and providing them to you free of charge on our new iTod iBlog.
The iTod iBlog will be the perfect forum for you to stay up-to-date on the constantly changing rules and regulations that apply to your bank or credit union. We are delighted for you to continue on this exhilarating journey with us, and we will keep you updated as these changes go into effect.