Consumer Financial Protection Bureau will lean on tech

The new federal agency tasked with helping consumers protect all aspects of their finances from questionable lending practices says that one key component to doing so is keeping up-to-date on the latest technology.

The federal Consumer Financial Protection Bureau will lean heavily on a number of tech strategies including cloud computing, open source software and other areas in an effort to remain engaged with both consumers and the financial institutions the agency regulates, according to a report from InformationWeek. One of the most important areas for this build out is the CFPB's website, which is designed to be easy to use and understand for the layperson, but also has a wealth of in-depth knowledge designed to better assist consumers in making good financial decisions.

The CFPB was launched as part of the Dodd-Frank Act and has had full regulatory control over the lending industry since July 2011. However, consumers need to take some initiative of their own, by checking their credit report. This can help them to better identify any unfair marks on the document that may lower their credit scores.