Consumer Financial Protection Bureau News

Earlier this week the Bureau released its first semi-annual report on its activities.  You can also read reports of yesterday's hearing on the Bureau before the Senate Banking Committee in the L.A. Times and The Hill's On The Money Blog.  As for the Republican boycott of the hearing, the L.A. Times explained:

Amid talk of a boycott by other Republicans on the committee, the panel's top GOP member, Richard Shelby (R-Ala.), said he would attend. He left it up to each senator to decide whether to attend, and four others did, typical attendance for such a hearing.

Most of the media coverage focuses on the recess appointment controversy, rather than on what the Bureau is doing to help consumers, which is perhaps less interesting, but ultimately more important.  So to make sure we don't fall into the same trap, and because it's worth reporting, here's an excerpt from the Semi-Annual Report's Executive Summary:

In its first six months, the CFPB has taken significant steps to make consumer financial markets work better for consumers and responsible companies by:

1. resolving consumer complaints about credit cards and mortgages;
2. launching a supervision program that will promote compliance with consumer protection laws in the Bureau’s jurisdiction by financial companies of all kinds;
3. evaluating and developing disclosures that make the costs and risks of financial products easier for consumers to understand;
4. working to implement statutory protections for consumers who rely on consumer financial products, such as mortgages;
5. launching the Bureau’s website – ConsumerFinance.gov – and using it to engage the public in a range of projects;
6. creating several ways in which individuals can alert the CFPB about potential violations of consumer protection laws in the Bureau’s jurisdiction; and
7. improving information about the structure of consumer financial markets and consumer behavior through practical market intelligence and independent research.

Comments

[anand]

ce marking certifications:
CE is a symbol that can be usually seen on products. CE stands for Conformité Européenne which literally means European Conformity.

[brendhan stowe canada]

Surprisingly this post carries heavy content and valuable information every reader must follow. Keep on updating this blog. I am looking forward to see lots of discussion here.

[Pat]

Government needs the ability to deter and prevent registration and manipulation of shell companies formed for improper purpose, or for unlawful purpose. That would seem to be common sense in the combat against white collar crime, or against red or blue collar crimes.

Instead, the lax atmosphere created with the LLC and the LLP affords Americans the unique advantage of being able to commit "red, white, and blue" collar crimes with abandon. Surely, this is a consumer protection issue - to prevent fraud under the color of law using the corporate shell as cover, and utility. Since most income now flows through to partners rather than the company, an LLC and LLP membership becomes all of the authority required to commit crimes that society would not otherwise condone, or permit. Regardless of whether taxes are paid on the crimes committed, it is still the condonation and codification of crime, inc. through limited liability arrangements. Of course crime would increase; why wouldn't it?