Meet the New Government Start Up Agency-The Financial Protection Bureau Of the US Treasury

I don’t have to do too much explaining as to why this new agency exists. Transparency and not fooling the consumer with complicated small print and “algorithms” of computation that also take advantage are the name of the game here. The web site is brand new and just getting started. The Consumer Financial Protection Bureau has their initial website up and running with Elizabeth Warren running the show. This is hard to start from scratch but it looks like they are off to a good start.

Short and simple the financial algorithmic processes today are going way above where the average consumer can reach and understand and thus we have this new department. The agency falls under the Department of the Treasury and perhaps they can help the SEC and work as partners when needed. Speaking of the SEC they also have some unexpected help to help keep their budget funded to fight crime on their end.

Prominent Lawyers and Security Professionals Lobbying Government to Increase the Budget for the SEC-This Is A Big Deal and Way Beyond Just a Discussion

“The CFPB will work to ensure that financial companies make the true price clear to consumers so they can make the decisions that are best for them. Companies shouldn’t compete by figuring out how to fool you best. Transparency means that markets really work for consumers.”

Consumer Financial Bureau

The folks at Quicken Medical used to think I was picking on them but I was not but just rather being real on what the average level of education is with healthcare IT and they finally did their own study and kind of said what I said. Healthcare issues no doubt will fall into this department too in short time.

As you can see, education is right there as part of their goal and areas to where they can help.

The Consumer Financial Bureau has a page on Twitter too so they plan on being social as they get organized. I remember Michael Moore asking here in his movie “where did the money go and she said I don’t know” but she’s on it now to hopefully build an agency that will help protect consumers and stop the fleecing of those who need help. BD

The White House has a new video overview of the Consumer Financial Protection Bureau. The spot features CPFB head Elizabeth Warren and Army veteran and retired police officer ‘Andrew’ pitching the new agency’s mission that “consumers have the information they need to understand the terms of their agreements with financial companies.”

Congress established the CFPB to protect consumers by carrying out Federal consumer financial laws. Among other things, the consumer bureau will:

Conduct rule-making, supervision, and enforcement for Federal consumer financial protection laws;

Restrict unfair, deceptive, or abusive acts or practices;

Create a center to take consumer complaints;

Promote financial education;

Research consumer behavior;

Monitor financial markets for new risks to consumers; and

Enforce laws that outlaw discrimination and other unfair treatment in consumer finance.