Consumer Financial Protection Bureau

Oct. 20th 2010

As the economy is slowly back on the rise, new rules and regulations will be coming into effect to protect consumers. One thing to be on the look out for is the newly organized Consumer Financial Protection Bureau or CFPB. The CFPB will be headed by the Special Advisor to the President, Elizabeth Warren and is set to take effect on July 21, 201.1.

Some of the responsibilities of this “independent bureau at the Federal Reserve” is to make sure consumers sign loans that they understand and can afford to repay. They intend on changing the forms and making them more simple, in turn easier to understand, something they have failed to do in the past. The CFPB will also be responsible for making new rules, supervising depositories and enforcing regulations so as to not have the need for another bailout.

July 2011 is a ways out, and more changes are sure to come in the mean time.

 

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