This week, I’ll be headed to Capitol Hill to testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. I’m looking forward to testifying on our progress in building the CFPB and highlighting our efforts to promote openness and accountability.
The timing couldn’t be better: it’s Sunshine Week, a national effort focused on openness in government. This consumer bureau belongs to the public, and we’re building it right out in the open – there for anyone to see.
When I first joined the CFPB implementation team, I wanted everyone to know what we were up to, so I decided it was important to post my monthly calendar online. Everyone can see who I am meeting with in the course of building the CFPB. My calendar includes meetings with Members of Congress, consumer groups, financial companies, small business advocates, and many others.
In December, we began sharing a draft organizational chart of the new bureau with members of Congress and the media. When we launched our website in February, we included this chart as a feature. We have also added profiles of people who are leading some of the CFPB’s efforts and provided updates on our progress and current priorities in hiring. Last week, we posted online correspondence between the consumer bureau and Congress. In the coming days, we’ll post our first public quarterly spending report.
We know there are plenty of good ideas out there for making the CFPB even more accountable to the American people. That is one reason we have planned a roundtable in April with open government advocates and some of the individuals and groups who have made requests about the CFPB under the Freedom of Information Act (FOIA).
During Sunshine Week and beyond, the CFPB will work to shed light on the markets for consumer financial products and services, as well as the steps we’re taking to build an agency that is fully accountable to American families. It’s always sunny here at the consumer bureau.