Consumer Financial Protection Bureau Opens July 21
Tom Joseph
HARRISBURG, Penn. - The Consumer Financial Protection Bureau (CFPB) has just opened for business with the goal of protecting consumers, not only in Pennsylvania, but around the nation. The new federal agency will address deceptive practices in financial dealings such as mortgages, pay day loans, and credit card lending. Its goals include educating consumers, enforcing laws to protect them, and studying trends in the consumer financial industry.
Mary Moore, a communications manager at the Center for Responsible Lending, explains why the bureau is needed.
"Now, consumers will have one place that is focused on their best interest, and that is a dramatic difference that we haven't had before."
As it stands, the CFPB was set up as an independent agency with a single leader, as well as the ability to make fast, efficient decisions on behalf of consumers.
One area it will monitor is predatory lending. That should bolster the statutes already on the books in Pennsylvania, one of more than two dozen states to pass anti-predatory lending laws.
The new agency was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which overhauled several aspects of the financial sector. President Obama signed it into law last July.
Mary Moore, a communications manager at the Center for Responsible Lending, explains why the bureau is needed.
"Now, consumers will have one place that is focused on their best interest, and that is a dramatic difference that we haven't had before."
As it stands, the CFPB was set up as an independent agency with a single leader, as well as the ability to make fast, efficient decisions on behalf of consumers.
One area it will monitor is predatory lending. That should bolster the statutes already on the books in Pennsylvania, one of more than two dozen states to pass anti-predatory lending laws.
The new agency was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which overhauled several aspects of the financial sector. President Obama signed it into law last July.
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