Warren Outlines Sweeping New Approach to Consumer Financial Protection

[kpete]

Source: National Journal

CONSUMER PROTECTION
Warren Outlines Sweeping New Approach to Consumer Financial Protection
Investigations through crowd-sourcing, wikis, and heat-mapping

By Bill Swindell
Tuesday, October 26, 2010 | 2:10 p.m.


Elizabeth Warren, the architect of the new Bureau of Consumer Financial Protection, spelled out a sweeping new strategy today to use the latest in “crowd-sourcing” technology to collect tips from millions of consumers about deceptive new financial practices, from misleading mortgages and improper “gotcha’’ fees on credit cards to outright fraud.

In an interview on Tuesday with National Journal, Warren said new techniques like crowd-sourcing – scaled-up variations on Wikipedia -- make it possible to collect valuable information from millions of ordinary consumers who report problems as they arise. Using new systems to organize and find patterns in all that information, Warren said, the bureau could be able to spot new enforcement targets in a matter of days – an unheard-of response time for traditional regulators.

“Crowd-sourcing” has become one of the hottest forms of information gathering, and refers to online collaborations like Wikipedia that are built through contributions from thousands or even millions of people.

It is an entirely new approach for government regulators, but Warren said she believes the opportunities are great.

Read more: http://www.nationaljournal.com/daily/warren-outlines-sweeping-new-financial-protection-approach-20101026

[kestrel91316]

1. And how many YEARS before all these "protections" are implemented??

[Recursion]

7. Given the kind of infrastructure she's describing, probably 2-3 for full rollout

But if it's managed well it could be partially working during the development.

[Ruby the Liberal]

2. I love her.

:loveya:

K&R

[Sherman A1]

3. Innovative!

Sounds like a good start.

[Kingofalldems]

8. Excellent start!

Kick this one.

[Zhade]

4. I applaud the use of crowdsourcing.

Very democratic.

[PSPS]

5. If the republicans take the house, they'll shut this down immediately.

[Toots]

9. They cannot as it is an Administrative position

That is why there was no Senate ratification process for her. Congress has no say, any more than it had say over Bush*'s Special Intelligence Commission that was created so Republicans could cook the books on Iraq and get their war on..

[Kingofalldems]

6. Uh oh......Clever repub not liking this one

Perhaps another story to be trumpeted to deflect from this? :shrug:

[Odin2005]

10. That's a damn good idea!

[Hell Hath No Fury]

11. She's off to a good start.

Keep'em coming. :applause: