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What Do Consumers Think & is the CFPB Asking?
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Assumptions About The Reverse Mortgage Industry
Assumptions. That’s what one could surmise from the Consumer Financial Protection Bureau’s recent report on the use of professional designations in the senior market. The study stated that “the Bureau found that the use of senior designations is extremely confusing for consumers. Is it? Perhaps. But we will never have a clear picture of that consumer data? Why? The CFPB once again did not actively seek the input of those supposedly impacted.
5 Comments
Hooray, Shannon! I thought the same thing when I saw this come out of CFPB. So basically they are just making new rules based on guesses. Wow, it doesn’t look like the whole mess that we’ve been working through the past several years changed a thing, does it?
Shannon:
Reporting without consumer input displays the bureaucratic arrogance and unprofessionalism of the CFPB. By doing so, they further undermine their credibility.
On the other hand, the Reverse Focus comments were professionally restrained. Good job…!
Thank you John. Professionally restrained is a fantastic phrase. Can we borrow that one? Thanks again!
Shannon,
Excellent report. You would think after the last time the CFPB wrote a report that included consumer sentiment regarding financial products, and failed to asked ANY consumers their thoughts and opinions, they would not make the same mistake twice. It makes one wonder if the CFPB is more interested in pushing an agenda of what they believe is needed rather than implementing changes through policy that would meet the primary mission they were created for. I have no doubt our industry would willingly supply the CFPB with many customers willing to discuss these issues, if only they would be asked. Keep up the good work.
Most seniors ignore or are unaware of senior designations. A bureaucrat may be confused by the designations but why do they assume seniors are as dumb as they are?