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Congress Creates a Consumer Financial Protection Bureau!

July 15, 2010

At long last, both the House of Representatives and the Senate have passed legislation to create a Consumer Financial Protection Bureau!

This is a huge, hard-fought victory for consumers.  We’ll finally have an agency fully devoted to us, to make sure mortgages, credit cards, and other loans aren’t full of tricks and traps in the fine print.  You can read AFR’s full statement about this victory here.

We’ll be posting more about the CFPB — what it will and won’t be able to do — in future days.  Stay tuned!

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2 Comments
  1. July 16, 2010 12:20 pm

    This is a huge success. Thank you to everyone at AFFIL for their part in this victory!

    Shawn Mosch
    Co-Founder of Scam Victims United

  2. Johnny Lawless permalink
    July 16, 2010 4:56 pm

    Yeah, but why was it created WITHIN the Federal Reserve? That will lessen its impact for sure – I wish it was a truly independant bureau – if they appoint Elizabeth Warren to run it – which I doubt – it might be salvaged.

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