The Consumer Financial Protection Bureau (CFPB) has been soliciting input from you and me as the agency has moved to its operational status (which is this coming Thursday). Ron Lieber thinks that there have been a few suggestions made by the public that should be adopted by the bureau. His list of the suggestions he deems worthy:
“Create standardized contract for credit cards for issuers to incorporate by reference, merely adjusting specific rates and fees.”
“Limit the total number of words in consumer financial contracts. Disclosures are not transparent if their length is unlimited.”
“Hold a weekly public complaint essay contest called ‘Why You Should Fine My Bank.’ ”
“Stop predatory lawyers and car dealers from sending letters offering car loans to people waiting for their bankruptcy to discharge.”
“Make all loan originators owe fiduciary duties to their clients.”
“Replace the TILA disclosure form. Most LOs can’t explain it and consumers can’t figure it out by themselves.”
What other government agency has been asking for public input? Will they act on the best ideas? If Warren were in charge, the answer would be 'yes'.
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