The Consumer Financial Protection Bureau, the financial-services watchdog agency Congress mandated last year as part of the Dodd-Frank Act, on Feb. 3 launched its website, laying the groundwork for soliciting consumer complaints about credit cards and other financial-services products.
The bureau, described still as “under construction,” promises to help enforce federal consumer financial laws, including the CARD Act; make rules; supervise and enforce laws; restrict unfair, deceptive or abusive acts and practices; take in consumer complaints; and promote financial education.
Later this year the bureau will launch a Consumer Response Center “to begin to receive complaints and to help resolve questions about financial products and services” via the site and a toll-free telephone number, according to the website.
Additional elements of the bureau’s operations will go into effect on July 21, in accordance with the law, the website states.
The bureau encourages consumers on its website to submit questions and complaints about financial services, but it only can refer individuals to existing agencies because the response center is not yet officially established.
A YouTube “video response” to a consumer’s question appears on the site featuring Richard Cordray, the bureau’s team leader of enforcement, who explains how the bureau will work with regulators to enforce consumer-protection laws. Another video provides a response from a consumer about how to find employment with the bureau, which is “looking for people across all levels.”
A few sample stories of consumers who say they were treated unfairly by credit card issuers and banks are provided, and the site offers “consumer credit card guides” and summaries of credit card protections. It also provides general information about prepaid cards, credit reports and credit scores.
The site includes background on the bureau’s leadership, including the role of Elizabeth Warren, who is serving as an assistant to President Obama and is a special adviser to Treasury Secretary Timothy Geithner in developing the bureau.
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