| April 11, 2011

Consumers responding to new agency’s call for input

As a result of a request for public comment on concerns related to credit card debt and other fiscal problems, the new Consumer Financial Protection Bureau has received an overwhelming response in a relatively short period of time.

Since launching a website for public comment about Americans’ financial concerns in February, the CFPB has received more than 300 complaints and about 1,000 suggestions, according to the Baltimore Sun. These comments have come via Twitter, Facebook and even YouTube, as well as the website itself.

“The CFPB’s initial online efforts are focused on engaging the American people early in the process of building the consumer bureau and setting its first priorities,” Jen Howard, a spokeswoman for the CFPB, told the newspaper.

Many of the comments have been related to credit card agreements and mortgage lending practices, the report said.

The CFPB will not gain full regulatory power until July, but has already taken a number of steps to introduce greater protections for Americans against predatory lending practices from major financial institutions.

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