CFPB accepting public’s suggestions for regulatory changes

The newly created Consumer Financial Protection Bureau is now accepting the public's suggestions for changes to the credit card lending industry, and is soliciting ideas via a number of online channels. Suggestions can be sent through its new website, www.consumerfinance.gov, as well as throughemail, Twitter and even YouTube.

In conjunction with this, the agency recently launched a Facebook page, Twitter account, YouTube channel and Flickr gallery to help consumers stay abreast of any changes it makes that could affect their credit card debt, the report said.

"We want to make sure that the American people are with us all the way while we build it," said Elizabeth Warren, the law professor tasked with setting up the CFPB.

The CFPB has already suggested a number of changes to the way companies can handle consumers' credit card debt, but will not gain full regulatory power over the lending industry until the summer.