Insurance Education :: Battle brews over director for Consumer Financial Protection Bureau

Keep the Information Flowing

Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.

Released: July 22, 2010

Battle brews over director for Consumer Financial Protection Bureau

Source: Jim Puzzanghera, L.A.Times (Free Registration)

President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals.

The law dramatically toughens oversight of the industry, from Wall Street’s executive suites to the Main Street storefronts of mortgage brokers and payday lenders.

But it is the Consumer Financial Protection Bureau that will have the most direct effect on average Americans by creating rules to help ensure that bankers and other financial firms treat their customers fairly. Even before Wednesday’s signing, a battle was brewing over who should be the bureau’s first director.

Read Full Article: Battle brews over director for Consumer Financial Protection Bureau