On March 24, the Consumer Financial Protection Bureau released a list of resources to assist consumers in taking steps to protect their finances during the coronavirus (“COVID-19”) pandemic. The resources can be found here.

Specifically, the resources provided by the CFPB address the following issues:

  • Protect yourself financially from the impact of COVID-19;
  • Make informed financial decisions with up-to-date information and resources;
  • Protect your credit during the pandemic;
  • Tips to help ease the impact of COVID-19 on debt; and
  • Tips for financial caregivers during the pandemic.

The CFPB addressed the above topics by releasing blogs which provide tips to consumers on how to deal with each issue during the COVID-19 pandemic. For example, consumers can refer to the CFPB’s blogs in order to obtain practical information on how to handle issues such as contacting a debt collector, what to do if you cannot pay your bills, and how to submit a complaint if you are having trouble with a financial product or service.

In her statement addressing the above resources, Director of the CFPB Kathleen L. Kraninger noted, “During this difficult time, the Bureau is doing everything it can to facilitate the work of responsible financial companies supporting their customers and borrowers. We want consumers facing hardships to be are aware of this posture and encourage them to discuss their specific circumstances with their lenders. As a backstop, the CFPB stands ready to help consumers resolve issues with their financial services providers through our consumer complaint system.”

Kraninger concluded by stating, “We also want consumers to know the various steps that they can take to help themselves or a loved one, both in the short and long term. Our resources address situations ranging from consumers having difficulty paying their bills or meeting other financial obligations to consumers experiencing a loss of income to avoiding scams.”