WASHINGTON (5/16/13)--The Consumer Financial Protection Bureau on Wednesday added new tools to its consumer outreach arsenal, unveiling a Spanish-only version of its website, consumerfinance.gov/es
, and a series of videos that break down new mortgage regulations.
Language barriers can make financial struggles more difficult and can make individuals more prone to financial abuse, the agency noted in a release. "Recognizing these challenges, we wanted to provide our Spanish-speaking audience with access to clear, unbiased information about financial products and services," the CFPB said.
The Spanish-language site provides plain-language answers to frequently asked questions. The CFPB said it hopes to include more resources and tools in languages other than English to reach as many consumers "as effectively as possible."
The new CFPB videos provide a general overview of the CFPB's new mortgage rules.
An hour-long video takes on all of the new mortgage regulations.
Shorter, more focused presentations on individual regulations are also provided. Those videos cover:
Ability-to-Repay and Qualified Mortgage regulations;
The 2013 Home Ownership and Equity Protection Act;
Equal Credit Opportunity Act valuations and Truth in Lending Act (TILA) higher-priced mortgage loans appraisal rules;
Loan originator compensation regulations;
Mortgage servicing regulations; and
"Although the videos and guides give an overview of the rules, they are not a substitute for the underlying rules," the CFPB stressed.
For more on both CFPB outreach efforts, use the resource links.