Consumer agency open for online input

“We want to make sure that you are with us all the way while we build it,” said Elizabeth Warren, the Harvard law professor charged with setting up the bureau, in an introductory video. "We are now open for suggestions," she added.

The CFPB was created to serve as a consumer watchdog, and Warren has indicated the new agency will push for financial companies to provide plain-English explanations of financial services, making it easier for consumers to compare and shop for financial products and loans.

On its website, the bureau invites members of the public to offer their suggestions or concerns, whether it be via Twitter, YouTube or a direct e-mail.