Countdown To CFPB Launch
By Consumers Union on Thursday, July 7th, 2011
While the CFPB will gain new some of the powers needed to help consumers on July 21 opponents are still continuing to try and weaken the agency. According to Politico:
Less than two weeks from its formal launch, the CFPB’s 300-member staff has already started on its mission: keeping an eye on Wall Street and the $3 trillion personal financial services industry while protecting consumers from unscrupulous practices like hidden credit card fees and confusing mortgage agreements.
…if the deep-pocketed banking industry get their way, the agency’s power will be as temporary as its accommodations. In the year since President Barack Obama appointed consumer advocate Elizabeth Warren to get the bureau up and running, they have fought hard to curb its authority while scrutinizing Warren’s every move — and practically daring Obama to nominate her, or anyone else, to lead it.
We will be posting soon on what protections you can expect from the CFPB starting July 21. However, the watchdog cannot get its full powers until it has a Director in place.
If you haven’t acted on this issue now is the time. Act now to protect the CFPB!