The Consumer Financial Protection Bureau (CFPB) launched a “beta” version of its new website at ConsumerFinance.gov.
“We have the opportunity to create a brand new consumer agency from the ground up,” said Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. “This agency will put a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of consumer financial products and services.”
The Treasury called the website “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 central aim of the new website is to engage with the American public for ideas, input, and feedback on the work already underway and on new initiatives.
The beta website allows anyone who is interested in making consumer financial services markets work better for everyone in the “Open for Suggestions” section. This feature encourages communication directly with the CFPB implementation team through YouTube video questions, Twitter, and through e-mail and other forms of online communication.
The site also displays Elizabeth Warren’s daily calendar, so users can explore who she is meeting with and hearing from on a regular basis.
As part of the Dodd-Frank bill, the CFPB is required to conduct a study on reverse mortgages to identify deceptive practices and figure out whether suitability standards are necessary. An unnamed source at the bureau told the Wall Street Journal the agency has started to look into the products and plans to build on the Federal Reserve and GAO’s efforts to improve disclosures and prevent misleading advertising.