Consumer agency seeks input from public

Corinne Cooper wants something done about insurers raising homeowners' premiums based on credit scores. Robert Kane advocates for more protections when consumers deal with cell phone and Internet providers. And Shane Algarin recommends making it harder for thieves to use stolen credit cards.

These are some of the hundreds of suggestions pouring into thenew Consumer Financial Protection Bureau. The federal agency isstill setting up. But it launched a website in early February togather consumers' input and is reaching out to them on Twitter,Facebook and YouTube, too.

"The site is not like any other government site I have seen,"said Eric Jones, a vice president with R2Integrated, a digitalmarketing and Web technology firm in Baltimore. "I'll admit that'snice."

The Consumer Financial Protection Bureau was created by lastyear's Wall Street reform law. It will take over consumerprotection duties from seven government agencies, including theFederal Reserve and Office of Thrift Supervision, on July 21.

For too long, consumer protection has been split among many agencies, and it wasn't always their prime concern. Sometimes consumer protection even could be in conflict with an agency's role. If your mission is maintaining the safety and soundness of banks, can you truly advocate for pro-consumer practices that could erode lenders' profits?

The bureau will have the power to write regulations and enforce federal consumer laws. This is scary to many businesses, whose supporters in Congress are trying to weaken the agency before it gets started.

But if you have ever been burned by unfair credit terms ordeceived by a lender, this is your agency. And one of the best waysto support it is to make useful recommendations on problems itshould tackle.

And the bureau is encouraging consumers to engage via socialmedia.

"The CFPB's initial online efforts are focused on engaging the American people early in the process of building the consumer bureau and setting its first priorities," said Jen Howard, the bureau's spokeswoman.

As of March 1, the bureau had received 300 complaints, about halfof them about mortgages and home loans. Additionally, consumers have made nearly 1,000 suggestions.

Some issues raised by consumers, such as legalese in credit card agreements, are addressed by bureau staffers via YouTube videos.

"It looks to me (like) they are connecting with people and are being responsive," said J.D. Roth, editor of GetRich-Slowly.org, a personal finance blog.

Roth also gives the bureau kudos for letting critics weigh in.

Some critics object to the fact that Elizabeth Warren, theHarvard law professor setting up the bureau, didn't go through aSenate confirmation to become the director. President Obamasidestepped a confirmation battle by appointing Warren as anassistant to the president and adviser to the Treasury secretary.