Consumers now have a new advocate. As of July 21, 2011, a new federal agency opened for business as a watchdog over the myriad financial products on the market.
The Consumer Financial Protection Bureau (CFPB), created under the far-reaching Wall Street reform law passed in 2010, has broad powers to police how banks, credit unions, debt collectors, payday lenders and other financial services companies conduct business with their customers. If products or services are unfair or deceptive, consumers will have a single place to turn for help -- rather than as many as seven different regulators.
But it is very much a work in progress. At its launch Thursday, the bureau is leaderless, though President Obama has nominated Richard Cordray, the former attorney general of Ohio, as its first director. Cordray will have to be approved by the Senate to take office.
A long list of issues await him, or whoever eventually heads the agency. Here is an alphabetical list of payment industry services and practices that the new consumer watchdog is scheduled to have jurisdiction over and what it may do about them.
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.
Three most recent Legal, regulatory, privacy issues stories:
Immigrants may need good credit to stay in the U.S. – Under a new proposal, the government would review the credit histories and credit scores of immigrants seeking visas or other status changes. But achieving a high U.S. credit score is an obstacle for many immigrants ...
CreditCards.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which CreditCards.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. CreditCards.com does not include the entire universe of available financial or credit offers.