ABA Banking Journal - July 2011 - (Page 34)

compliance clinic  |  DFA FOLLOW-UP Counseling gets a boost Many parts of Dodd-Frank stress advice in consumer services, and more may be coming as CFPB ramps up BY NANCY DERR-CASTIGLIONE, CONTRIBUTING EDITOR C 34 ounseling runs all through our society. There is marriage counseling, career counseling, academic counseling, and many more examples. While it might be difficult to get someone to see the need for counseling—or to get up the courage to get counseling yourself—it is generally considered beneficial and worthwhile. In most cases, however, counseling is something offered, not mandated. Counseling is an important theme that runs throughout the Dodd-Frank Act. The law creates new government offices that will be focused on counseling services; new disclosures to encourage greater use of counseling services; new mandated counseling for certain categories of consumer borrowers; and new categories of counseling. Counseling bureaucracies debut Among the a group of new bureaucracies devoted to counseling that Dodd-Frank created is the Office of Financial Education, which will be established within the Consumer Financial Protection Bureau (CFPB). This office will be responsible for developing and implementing initiatives to educate consumers so they can make better-informed financial decisions. Apparently, consumers (that includes each of us) have not done such a good job of making financial decisions and we need help. The Office of Financial Education will be responsible for providing opportunities for consumers to access financial counseling. The Act also directs the office to conduct research related to consumer financial counseling. Once the | ABA BANKING JOURNAL | jULy 2011

Table of Contents for the Digital Edition of ABA Banking Journal - July 2011

ABA Banking Journal - July 2011
Contents
Chairman’s View
Editor’s Column
Bank Notes
The Economy
Inside family banks
Pass the Aspirin
Tech Topics
New gold standard?
Still on their guard
Compliance Clinic
Compliance Inbox
ABA Resources
First Person: Special Edition

ABA Banking Journal - July 2011

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