Know Your Finance Reform: Consumer Protection
A new independent office oversees financial products and services such as mortgages, credit cards and short-term loans. The office is housed in the Fed.
Auto dealers, pawn brokers and others are exempt from the bureau’s enforcement. For community banks, the new rules are enforced by existing regulators.
The oversight council can block rules proposed by the consumer agency, but only if they determine the regulations would threaten the system.
Consumer protection was spread among various bank regulators.
Posted on July 29, 2010, in Finance Reform 2010, Newspaper & Journal Articles, Politics & The Economy and tagged consumer protection, finance reform, Finance Reform 2010, finance reform bill. Bookmark the permalink. Leave a comment.