A Wish List for Elizabeth Warren: Give Americans 12 Tips to Get Their Financial Houses in Order (Slideshow)

We're thrilled that President Obama has asked Elizabeth Warren to help set up the new Consumer Financial Protection Bureau called for by the financial regulatory overhaul.

It's about time. Currently there are two agencies that are supposed to protect the consumer/investor -- one is a joke and the other is an outrage. The website of the Federal Trade Commission, whose motto is "Protecting American Consumers," features a lame video in which folk dancers do a jig while warning against paying for a credit report.

On the other hand, the Financial Institutions Regulatory Authority isn't even a government agency but that oxymoron known as a "self-regulatory body." This year FINRA was nailed by the Project on Government Oversight for failing to regulate because of their close ties to the industry -- they are essentially bankrolled by membership fees and fines -- the "cost of doing business." Incredibly, Bernie Madoff was vice-chairman of National Association of Securities Dealers, FINRA's predecessor, while he was running his Ponzi scheme.

With the right advice, Americans can become financially savvy and avoid being ripped off by unscrupulous practitioners. We can finally force financial institutions to compete for your business instead of ripping you off, going under and getting bailed out -- by you!

Here are 12 tips Elizabeth Warren should offer all financial consumers. Feel free to vote on what you think is most effective or important.