February 04, 2011

Although it doesn't officially open its doors until July, the Consumer Financial Protection Bureau's new website has already begun courting consumers by posting several consumer-friendly videos that are also hosted in YouTube.

An introductory video narrated by Ron Howard compares financial services to toasters and declares, "the Consumer Financial Protection Bureau will work to cut down on the fine print, which means there won't be places to hide nasty surprises. It will also work to make the prices and risks clearer for mortgages, credit cards, and other types of financial products; that way, families can do some comparison shopping and choose the products that are best for them. The CFPB will be a cop on the beat, making sure that every lender follows the same rules. When banks or other financial companies break the law, they will be held accountable."

Elizabeth Warren is featured in another video in which she urges consumers to send in suggestions and visit the website often. Staff members, such as Rich Cordray, the leader of the CFPB's enforcement team, have begun posting responses to consumer questions.

The site also shares Elizabeth Warren's schedule, which is impressively full with meetings with members of Congress, government officials, and a few bankers such as Brian Moynihan at Bank of America.

Monitoring this site could help banks stay aware of the consumer complaints the CFPB is focused on and make sure their products aren't being criticized.

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