Financial Watchdog Agency Solicits Consumer Suggestions

Over the past few years, many consumers have been experiencing high debt payments to credit card companies and mortgage providers due to what they consider unfair practices.

However, due to the creation of a new website, these frustrated consumers now have an outlet to make suggestions on how the Consumer Financial Protection Bureau can make positive changes in the industry.

While the agency won't be able to write or enforce rules until the summer, consumers can now make suggestions via www.consumerfinance.gov, and submit ideas through e-mail, Facebook, Twitter and YouTube, the CFPB says.

"We have the opportunity to create a brand new consumer agency from the ground up. This agency will put a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of consumer financial products and services," said Elizabeth Warren, the head of the CFPB. "We want to make sure that the American people are with us all the way while we build it."

In addition, the agency says it will build a consumer response center later this year, which will replace the multiple federal and state agencies which now enforce consumer complaints against financial providers.