New Consumer Bureau Goes Online

By:: Kara Johnson | February 04, 2011

Want to weigh in on what you think the government should do to protect consumers in mortgages and other credit transactions? The new Consumer Financial Protection Bureau (CFPB) web site allows you to do just that.

The web site, sort of like the bureau itself, is a beta version – that is, it’s still in development. The bureau is presently being established under the Treasury Department, with many of its functions due to take effect in July.

The Treasury Department describes the web site as “a critical link to the American public for soliciting ideas on the bureau’s creation and priorities and for answering questions on its work.” The CFPB is seeking input from consumers, businesses and others to help identify what priorities they would like to see the bureau address. Suggestions can be submitted by email, Twitter and even YouTube video.

The web site also includes a blog on matters related to the bureau’s work, as well as links to consumer resources on matters such as home ownership, foreclosure, credit cards, debt collection, seniors and more. A particular emphasis is being placed on financial matters related to members of the military and their families.

The CFPB was established under last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted with the goal of addressing some of the issues blamed for giving rise to the recent financial crisis. The CFPB was established with the specific purpose of providing safeguards for consumers in financial transactions, including mortgages, credit cards, auto loans, student loans, prepaid debit cards, certain types of investments and others.

The bureau’s mission includes restricting unfair, deceptive, or abusive acts or practices; developing rules to implement consumer financial protection laws and enforcing those laws; promoting financial education among consumers, monitoring financial markets for potential risks to consumers and establishing a center to receive consumer complaints.

For more information, visit the web site at www.consumerfinance.gov.

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