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Released: June 26, 2010

Wave of new rules to protect consumers

Source: Ron Lieber and Tara Siegel Bernard, New York Times (Free Registration)

The financial overhaul bill that has taken final shape would give the government a larger role in guarding the wallets of consumers — many of whom, it became clear in the financial crisis, did not always understand what they were signing up for.

Until now, the power to watch over consumers’ interests has been scattered across an array of agencies, which is why a centerpiece of the bill is the creation of a central Consumer Financial Protection Bureau. The bureau’s sole responsibility would be to look out for consumers.

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