February 3, 2011
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) launched its web site today and is encouraging consumers to send in their ideas for the newly authorized watchdog. The CFPB will serve as the nation’s top cop for policing the financial services industry and will assume its full powers in July.
In a video posted on the web site (www.consumerfinance.gov), Elizabeth Warren, who was appointed by President Obama to oversee the development of the CFPB, says that it is open for suggestions and calls on consumers to share their suggestions.
“It is refreshing to finally have a financial watchdog in Washington that wants to listen to consumers and is actively asking for their ideas,” said Gail Hillebrand, Director of Consumers Union’s Defend Your Dollars campaign (www.DefendYourDollars.org). “If you’ve been ripped off by a shady financial practice or have a suggestion for how the CFPB can help consumers, this is an excellent opportunity to have your voice heard.”
Starting in July 2011, the Consumer Financial Protection Bureau will be charged with identifying and stopping unfair, deceptive, and abusive practices in the sale and delivery of financial services to consumers. The CFPB will have the responsibility to keep the rules governing financial service products up-to-date and to respond to consumer complaints.
“This web site has some good, practical information about how the bureau aims to help consumers when they apply for a mortgage, get a credit card, or use other kinds of financial products,” said Pamela Banks, senior policy counsel for Consumers Union. “The creation of the CFPB is a big milestone for consumers, and we encourage people to visit the site and see how the bureau will work for them.”
Consumers Union outlined a proposed agenda for the CFPB last fall outlining a number of pressing financial issues it should tackle once it is up and running.
Michael McCauley – 415-431-6747, mccami@consumer.org or David Butler – 202-462-6262, dbutler@consumer.org