Search for CFPB Director Continues

Posted on February 7, 2011 by Kelley Drye

In recent blog entries we have discussed the role being played by Elizabeth Warren in standing up the Consumer Financial Protection Bureau, including efforts to identify a Director for the newly-formed Bureau.  Those efforts have continued recently as Ms. Warren has been meeting with various State Attorneys General about the Bureau. Businessweek reported last week that Ms. Warren has met with attorneys general Tom Miller of Iowa, Lisa Madigan of Illinois, Roy Cooper of North Carolina and Martha Coakley of Massachusetts. While the article states that the implication is that the purpose of the meeting was to discuss the Director position with these individuals, the article also notes that the White House has stated it is not close to announcing a nominee.

Continue Reading...
Tags: , ,

CFPB Launches Website

Posted on February 4, 2011 by Kelley Drye

The Consumer Financial Protection Bureau has launched its website at ConsumerFinance.gov. The new website highlights the agency’s focus on the consumer, and provides individuals with multiple tools to share suggestions about the agency’s planned work. For example, it invites visitors to submit You Tube videos containing ideas for the agency.

In advance of its effort to launch a Consumer Response Center to receive consumer complaints, the site also provides “real stories” of issues raised to date by consumers regarding mortgages, credit cards, and overdraft fees. While the site promises to work with small financial service providers and create a more even playing field for such providers, all financial service providers should acquaint themselves with the site and follow how information, including consumer complaints, is collected and presented through the site. Finally, the site identifies some of the Bureau’s implementation team hired to date. A list of additional CFPB staff is available as part of a recent ABA publication that reviewed the set-up of the Bureau, its priorities, and the scope of some of its authorities.
 

Tags: