CFPB Launches Website
The Consumer Financial Protection Bureau has launched its website at ConsumerFinance.gov. The new website highlights the agency’s focus on the consumer, and provides individuals with multiple tools to share suggestions about the agency’s planned work. For example, it invites visitors to submit You Tube videos containing ideas for the agency.
In advance of its effort to launch a Consumer Response Center to receive consumer complaints, the site also provides “real stories” of issues raised to date by consumers regarding mortgages, credit cards, and overdraft fees. While the site promises to work with small financial service providers and create a more even playing field for such providers, all financial service providers should acquaint themselves with the site and follow how information, including consumer complaints, is collected and presented through the site. Finally, the site identifies some of the Bureau’s implementation team hired to date. A list of additional CFPB staff is available as part of a recent ABA publication that reviewed the set-up of the Bureau, its priorities, and the scope of some of its authorities.