The Consumer Financial Protection Bureau is launching an interactive tool to help Americans find clear, unbiased answers to their financial questions. Despite its intent to preserve consumer interests, critics have derided the CFPB as having too much power and regulatory oversight. "Financial markets can be complex and confusing, and consumers need information they can count on," said CFPB director Richard Cordray. "Ask CFPB gives consumers answers in plain language so they can make sound financial decisions. But today's launch is just the beginning - we will continue to grow and improve this dynamic tool with … invaluable public feedback." The debt collection
section tackles questions such as, "What should I do if a creditor or debt collector sues me?" and "What information do debt collectors have to give me about my debt?" The CFPB hopes for the Ask service to eventually serve as a portal for all inquiries related to consumer finances, Inside ARM reports.
Many debt collectors have been targeted by the CFPB for unfair or predatory recovery tactics. However, legitimate debt collection agencies have complained that these regulations have targeted the industry as a whole and therefore burdened honest businesses.