For those people who are slightly less enthusiastic about consumer rights and personal finance than I am, here’s a quick reminder about how the Consumer Financial Protection Bureau began: When the Obama administration passed the financial overhaul bill in 2009, one provision was that the government needed to create a bureau designed specifically for protecting consumer interests in the financial services industry.

While it’s unfortunate that nobody realized how important this bureau was until after the debacle that was the subprime housing boom and bust and the subsequent (prolonged) recession, it’s good that we’ve now got a CFPB working to protect us from unscrupulous profit-vultures of all stripes.

It’s Our Turn to Speak Up

Now, as the CFPB announced in a recent press release, the Bureau is taking comments and suggestions from the American public about what we think the it should be doing for us.

• Give your suggestions. The CFPB has announced that it is eager to hear from individuals, businesses and anyone else interested in “making financial services markets work better for everyone.” The Bureau wants to develop a policy of openness and communication, and ordinary Americans are invited to pose questions and comments via YouTube videos, email and other readily accessible media.
• Learn about the Bureau and its origins: On one part of its web site, the CFPB offers an animated video describing how the financial crisis happened, what caused it and how the CFPB is working to prevent similar catastrophes in the future. The video also includes explanations about the CFPB’s plans for making sure regular American families are able to trust the financial services they need to use every day.
• Stay up to date. In addition, the CFPB provides links from its web site to social media outlets, so interested consumers can follow it on Facebook, Twitter, YouTube and Flickr.

Speak Up about Your Financial Questions and Concerns

It’s definitely a cliché to claim that knowledge is power, but in this case, knowledge could mean the difference between establishing healthy, stable finances and falling into patterns that could lead you to bankruptcy (or back to bankruptcy, if you’re recovering from an earlier filing).

For personal finance nerds (like me) and anyone interested in matters of credit, debt, bankruptcy, financial management, saving, spending, borrowing and lending (which, hopefully, is you, because these things affect everyone!), the new Consumer Financial Protection Bureau web site is exciting. Take advantage of this opportunity to educate yourself and make your voice heard!

 Email This Post