Consumer Agency Outlines Priorities for 2013
Tackling the credit discrimination faced by minorities is one of several priority items for 2013 outlined by the chief of the Consumer Financial Protection Bureau (CFPB) in a recent public meeting.
CFPB Director Richard Cordray said the agency will also work on other pressing consumer issues including the misleading marketing of financial products and services, debt traps, abusive collection tactics, loan servicing, and credit reporting, reports The Blog of Legal Times (BLT).
Cordray said the consumer agency also has a new interactive database in the works that is meant to address frequently asked questions that consumers have. And he noted that other tools, such as a consumer complaint database, have helped the agency meet its goal of greater consumer outreach and participation.
Cordray also said that specific problems faced by students, seniors, service members, veterans, and their families would be addressed by the agency in the coming year, writes BLT.
Also being looked at are the forced arbitration clauses that prevent consumers from suing financial firms and advisors. The CFPB is carrying out a study about the effect of such pre-dispute mandatory arbitration clauses, according to BLT.