Threats to New Consumer Bureau
Recent Developments in Congress
The new consumer watchdog agency, created last year under the Wall Street Reform and Consumer Protection Act, could be changed substantially if Congress passes legislation approved recently by the House Financial Services Committee. The Consumer Financial Protection Bureau (CFPB) was charged under the Act with promoting financial education and enforcing Federal consumer protection laws, and was given rulemaking authority to prevent unfair, deceptive, and abusive financial practices and products. (See the June 2010 Congressional Digest, “Consumer Financial Protection.”) Special Advisor to the Secretary of the Treasury Elizabeth Warren is setting up the bureau, which is scheduled to be up and…
