July 22, 2011 08:30 AM
By John P. Carey, Chief Administrative Officer, North America Consumer Banking
The Consumer Financial Protection Bureau (CFPB), which launched this week, has received a great deal of Congressional, consumer and media attention during the past several weeks and months. Its mission is "to make markets for consumer financial products and services work for Americans--whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products."
The CFPB will play an important role in developing rules for a host of financial consumer protection issues. The Bureau will focus on enhancing consumer understanding so that you can make informed choices about financial products and services that meet your needs. We support this goal and believe that it will allow us to distinguish ourselves from the competition and hopefully make Citi the bank of choice for our clients.
One of the CFPB's stated priorities is to simplify disclosures to make it easier for customers to understand the terms and costs of home loans. The CFPB has asked for input from financial services companies, advocates, consumers and others on proposed model home loan disclosures on its website at ConsumerFinance.gov. Citi and others in our industry have heeded the CFPB's request and provided comments either individually or through our trade associations. As consumers, you have an important voice in the process as well, and we encourage you to look at the model forms and provide feedback directly to the CFPB. What are your thoughts about the model forms? Do you think they will make the home loan application process more user-friendly and easier to understand?
If you have any general questions, concerns or comments about this or any other of the changes required by the Dodd-Frank Act, please feel free to comment on this website or, if you have specific questions about your account(s), contact us directly at the number on your card or statement.