Liz Warren Wants To Hear From You!


We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Wednesday, February 16th, 2011

The Consumer Financial Protection Bureau, better known as the CFPB, is now open for suggestions. The new consumer watchdog won’t get its full powers until July, but in the meantime it has launched To help ensure that it hits the ground running, the CFPB is asking you to weigh in early with ideas for what consumers want and need.

Go to to tell the CFPB what you think it should do to better protect consumers from shady financial products and services. To help you get started, here are some suggestions that we have sent in about credit cards. To get more helpful ideas go to

Reduce the amount that credit card banks can charge for a penalty fee, such as a late fee, from the $25 permitted under existing regulations to $10. Reduce the penalty fee level for a repeat incident from $35 to $15.

Limit the size of penalty interest rates to amounts that are “reasonable and proportional” The current rules only address the amounts of penalty fees, not penalty interest rate charges.

Require credit card companies to enable consumers to earn their way back to a good rate if they make six consecutive on time payments. Currently, consumers get this opportunity only if they make the first six payments after a penalty interest rate on time.

Require credit card terms and conditions be simple enough to fit on a two page plain language contract.

You can be creative in crafting your message as well. The CFPB is accepting suggestions from Twitter, YouTube and good ol’ fashion email. Or just go to and make your suggestion.

4 responses to “Liz Warren Wants To Hear From You!”

  1. please give me a few days as I am in a library and am a disabled vet, but I will get back to you on this.

  2. Ms Warren,
    I turn 60 next month and wanted to share the following: Three years ago my wife and I remodeled our kitchen and laundry room. Remembering how my mother had given a still working great, 40 year old plus MAYTAG, clothes washer, away in 1990, I bought a MAYTAG washer and dryer. Then learned, GE, long a weak brand for durability, had purchased MAYTAG a couple years previously. Further, of the seven, Maytag or Frigidaire, all stated with big (placards) on their tops, made in the USA. One month after the MAGTAG’s one year warranty ran out, it broke. Opening it up to see the problem, I noticed the issue was a largely marked “MADE IN CHINA,” timer when the repair guy got there. To fig the,
    MADE IN USA (also stated on the machine and in the ad,” would be $20 less than the cost of a new one, with their rebate (which the first one we sent in we never got). In the past decades I have several times been a subscriber of CR. What I do not see is enough of what is actually still running without problems 5, 15, 20 years later. Of the seven, Microwave, Oven/stove, dishwasher, freezer, refrigerator/freezer, clothes washer and clothes dryer, five had significant quality issues within one to six months after the one year warranty and all, I tried to make sure, said “made in the USA,” but every single part that broke was actually made in CHINA. This is just wrong. That dryer MAYTAG, is the worst of the bunch and none are really what they should be.
    Oh, by the way, the newly starting couple that got my Mom’s washer, made in 1960, is still using it, hers, she replaced twice from 1990-2012 when she passed. If you send a decent reply I will subscribe.

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  4. This website was… how do you say it? Relevant!! Finally I’ve found something which helped me. Many thanks!

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