CFPB Power Tools
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Making the CFPB Work for You
Whether you consider the Consumer Financial Protection Bureau (CFPB) an adversary, a frenemy or a best-friend-forever, there are important CFPB tools that can be mined to strengthen your business.  Below are five CFPB Power Tools you can use.
 

 


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1. Consumer Education
 
One of the primary goals of the CFPB is to provide more comprehensive financial education. Real estate, settlement services and mortgage professionals have learned that an educated consumer is a far better customer. At North American Title, education has become central to all the services we offer to you and your clients. The CFPB also offers substantive information that can be mined to help your clients as well. Want to recruit some new loyal customers? Check out these excellent resources you can use to host informational sessions for potential clients, or direct your existing customers to these resources as they contemplate purchasing a home or applying for a mortgage.
Need more resources for your clients? Check out North American Title’s helpful webpages, flyers and videos to educate your client about every aspect of the real estate, mortgage and settlement services processes:

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2. Data & Research
 
Business owners who are serious about growing their market share and effectively serving their customers need data and research to inform their business decisions. Consumerfinance.gov offers updated Data Reports so you can easily follow the trends. The CFPB also studies how consumers work with financial products and services, and consistently posts helpful articles, such as:

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3. Resources
 
Consumerfinance.gov is user-friendly and packed full of information. In addition to the resources already mentioned, the website hosts webinars, provides resources for financial education and has brochures on a variety of topics for your clients. And finally, if you want to know what consumers are complaining about, you can get a college education’s worth of consumer data and information in the Consumer Complaint Database. Also, check out a wealth of flyers, videos and other resources on our website at www.nat.com/CFPB.

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4. Enforcement
 
The CFPB means business. The Wild, Wild West free-for-all that existed prior to the Great Recession is gone. There are more rules, stricter licensing standards and bulldog enforcement. Since opening its doors in 2011, the CFPB has garnered nearly $12 billion in paybacks to nearly 29 million consumers and has fielded more than 1.1 million complaints.

As your service provider, North American Title has worked diligently to earn Best Practices Certification from Aprio, demonstrating our compliance with CFPB regulations and industry standards. You can learn the advantages of working with a Best Practices Certified company by clicking here.

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5. Guidance

Need help following the rules? The CFPB’s website provides a plethora of information and guidance, and it’s easy to navigate. Although the industry continues to push for more and better guidance, it is the best place to begin to make sure your business is in full compliance with the rules. Professionals who care about the future of their businesses are also monitoring the website and responding to requests for feedback on proposed regulations.
 

At North American Title, we know staying compliant is not a one-time event. We are dedicated at every level of the company to staying abreast of regulatory changes and following Best Practices on an everyday basis for the benefit of all of our customer segments.
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