The woman overseeing the creation of the President's new Consumer Financial Protection Bureau was in Columbus today to collect ideas from Central Ohioans. The Bureau will be responsible for protecting consumers from banking practices. WOSU's Jen Monroe reports It was less than a month ago that President Obama tapped Elizabeth Warren to set up the Consumer Financial Protection Bureau. Today Warren stepped out of Washington for the first time since the agency was formed and came to Columbus, where she says the heart of the country will tell her a lot about the financial issues facing consumers. "What I am very interested in doing is talking with the industry about how we can design consumer financial products that work well for American families and that work well for the lenders who want to serve those families." Says Warren. Warren says consumer credit and mortgage markets need reforming, as well as pay-day lending businesses, and illegal foreclosures.
The head of the Ohio Coalition on Homelessness and Housing Bill Faith says he'll speak with Warren about credit card and debt settlement companies that can easily take advantage of people.
"Right now so many people are struggling to make ends meet. And there's people out there that prey on folks in that situation." Says Faith. After discussions with communities, the Consumer Financial Protection Bureau is scheduled to begin its enforcement next July. Jen Monroe, WOSU News.