How’s the CFPB shaping up?
December 29, 2010 | CFPB, Elizabeth Warren, federal legislation | Comments (1)USA Today has extensive coverage today:
The new agency aims to use high-tech tools and the Internet to help it tackle problems more quickly.
For example, Warren is encouraging consumers to use their digital cameras and phones to scan dubious or suspect financial offerings or products, and e-mail them to the CFPB. That would allow the agency to more quickly respond, keep track of similar problems and see if certain groups of people are being targeted, she says.
The agency will have many more eyes and ears in the wired world, Warren says, and will keep consumers informed. She has already used the White House blog to tell Americans, “If we set it up right from the beginning, the agency can collect and analyze data faster and get on top of problems as they occur, not years later.”
The bureau has overwhelming responsibilities, Calhoun says. It is starting from scratch, and it won’t be able to do everything at once. And with the Republican control of the House, the fear is that too much time will be spent interrogating the consumer bureau, instead of letting it do its work, he says.
One clear message to banks and credit card issuers is that consumers now will have a powerful advocate, says Warren: “The very existence of the agency has sent a strong signal to the credit industry that Americans want a change. And they want someone on their side.”
Comments»
I look forward to the day when I can be in line at Prison-Mart and have E.W. looking down on me while giving me a lecture on how to spy on financial transactions.
Don’t discount this whole CFPB thing turning into another welfare program.
“Earn digital money now! It’s easy! It’s fun! Report all suspicious financial transactions to your local financial police officer.”