Consumer Financial Protection Bureau

Financial companies are lobbying hard to strip states' rights to make and enforce consumer protection rules, but states must stay on the front lines of fighting predatory lending.

Here's a quick reference on what the Consumer Financial Protection Bureau would do, what it wouldn't do, and the most important parts of proposed financial reform legislation to help ensure strong consumer protections.

The Military Coalition expressed opposition via letter to the Senate Banking Committee about exempting car dealers from the financial reform bill on April 15 2010. The Department of Defense wrote a similar letter in February 2010 because car dealers have abused servicemembers.

Auto dealers are heading to Capitol Hill seeking a special carve-out from the "Restoring American Financial Stability Act of 2010" (S. 3217), which aims to put an end to the reckless practices of Wall Street and the abusive and discriminatory tactics by finance companies of all stripes. In their search for a loophole, auto dealers claim that the bill will...

Provision Senate Bureau of Consumer Protection House Consumer Financial Protection Agency Administration Consumer Financial Protection Agency Presidentially Appointed Director Yes, confirmed by the Senate. Yes, confirmed by the Senate. Yes, confirmed by the Senate. Independent source of funding Yes, from the Federal Reserve Board budget. Yes, from the Federal Reserve Board budget. Yes, with fees on "entities and transactions" within...

Provision Senate Bureau of Consumer Protection House Consumer Financial Protection Agency Administration Consumer Financial Protection Agency Presidentially Appointed Director Yes, confirmed by the Senate. Yes, confirmed by the Senate. Yes, confirmed by the Senate. Independent source of funding Yes, from the Federal Reserve Board budget. Yes, from the Federal Reserve Board budget. Yes, with fees on "entities and transactions" within...

In a letter to the Treasury Department, the Department of Defense (DoD) announced its support for financial reform, including the creation of a Consumer Financial Protection Agency, to protect its service members and their families from predatory car dealers. A DoD poll of its financial counselors found that the majority had counseled service members on issues such as "bait and...

Why do we need the Consumer Financial Protection Agency? First and foremost, we need accountability. The truth is, none of the responsible agencies took action to stop the reckless lending and bad risk management that triggered the economic crisis. When seven different agencies oversee financial institutions, it's easy to create loopholes and point fingers at someone else. The CFPA will...