New Consumer Financial Protection Bureau Should Regulate Online Advertising of Financial Products
August 16, 2011
One of the first priorities for the Consumer Financial Protection
Bureau, which opened its doors this summer, is writing rules for
regulating the activities of "non-banks" that still potentially affect
the financial well-being of consumers. The CFPB's goals include
creating a single regulator to define and guarantee basic consumer
protections across a wide range of financial institutions -- and even
many institutions that are not usually considered financial institutions
but that play a key role in the U.S. financial system nonetheless.
Under the Dodd-Frank Act, the CFPB can regulate larger non-bank
"participants" in the financial system; and the agency has been seeking
comments on what financial markets to cover, how to define a "large"
participant, and what kinds of data it should be collecting to protect
consumers. Google, Yahoo, Microsoft, and other online intermediaries
are playing an increasingly integral role in the financial world; and
the CFPB must first collect more data to measure what their impact is on
consumers and, secondly, write rules to protect those consumers.
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