The Consumer Financial Protection Bureau published in the Federal Register its Notice of Proposed Privacy Act System of Records. Comments are due no later than August 31, 2011 and it is expected that the new system will be effective September 12, 2011.
The Bureau has been blazing new trails in its use of social media. The new regulator routinely blogs and tweets. It uses Facebook and will accept consumer complaints via YouTube. According to the just-published notice, the Bureau expects its constituency (i.e., consumers) to use popular social media outlets to interact with it.
According to the Bureau:
"The use of social media will enable the [Bureau] to interact with the public in effective and meaningful ways, encourage the wide sharing of consumer financial information and the strengthening of an online community of consumers, and ensure that critical information about the agency and key consumer finance issues is distributed."