The Bureau of Consumer Financial Protection: New Agency, New Hope, New Questions
Congress passed the Consumer Financial Protection Act of 2010, which President Obama is expected to sign today. But how will it affect you?
“The most noticeable change will be the creation of a toll-free telephone number and Web site where angry consumers can vent their complaints and supposedly apply for redress.” No more wading through an alphabet soup of regulatory agencies just to figure out where to lodge a complaint.
Generally speaking, the new consumer agency is more of a reorganization of that alphabet soup, rather than adding another bowl of soup to the table. A more centralized system in theory will be more efficient at protecting consumers and spotting/squashing corporate shenanigans. Only time will tell how effective the agency will be, but for consumer advocates it’s a step in the right direction.