Elizabeth Warren said technology is the key to make the new Bureau of Consumer Financial Protection sophisticated and nimble enough to do its job in the 21st century, The Washington Post reports.
The head of the new watchdog agency said in prepared remarks Thursday at the University of California-Berkeley, “We can build a government agency that is responsive to the dynamics of our time, just as the town meeting responded to the 18th century and the classic government agency to the 20th. To get there, we need to reimagine the new consumer agency, using changes in technology to propel us.” (The entire speech is available below.)
Warren said that BCFP would be a “data-driven” agency that looks at information not just from financial institutions, academic studies and industry reports, but also directly from consumers themselves through crowd sourcing, according to GovFresh.
NextGov reports that through crowd sourcing, Warren said the agency be able to pinpoint specific consumer problems and find patterns quickly. The agency can the better determine where to put enforcement resources, Warren said.