Financial watchdog to take credit card suggestions

Since the beginning of the recent economic recession, many consumers have been increasingly unhappy with the behavior of major financial institutions. However, a new web service now allows individuals to share their ideas on how to enhance regulations on lenders.

The Consumer Financial Protection Bureau launched a new website this week, and is inviting consumers to voice their ideas on how the agency can improve financial services.

Consumers will be able to submit suggestions to the site by email, Facebook, YouTube and Twitter, and is a precursor to a response center the CFPB hopes to establish later this year. The consumer group says the creation of this destination will make it easier for consumers to submit ideas and complaints, as there are currently a number of state and federal locations that provide this platform.

“We want to make sure that the American people are with us all the way while we build it,” said Elizabeth Warren, the newly appointed head of the CFPB.

The CFPB was created last year as part of the Dodd-Frank Act, and will not gain the ability to write and enforce rules until this July. However, once it gains regulatory powers, the agency is expected to oversee the providers of credit cards, mortgages and payday loans.