| February 16, 2011

CFPB may face challenges ahead

The Consumer Financial Protection Bureau was established last year by President Barack Obama to help protect Americans from the predatory tactics of credit card and mortgage lenders.

The agency was created to help protect consumers from industry methods, such as hidden fees and surprise terms, and has already advocated for clearer language in credit card agreements.

However, the agency will not gain full regulatory power until July. As a result, the CFPB may face more challenges helping consumers if it fails to choose a leader by this time, especially since many Republican lawmakers have stated they would like to reduce the organization’s power.

“The weak link is [without a director] the agency doesn’t have its full superpowers,” Ed Mierzwinski, of consumer group U.S. Public Interest Research Group, told The Cleveland Plain Dealer.

Since its inception, Elizabeth Warren has served as the special advisor for the agency and many think she will likely be one of the front runners for the full-time position, the news source says. Though, some say Republicans could potentially delay the nomination.

If a nomination is delayed, some experts believe the agency will have problems beginning its initiatives and implementing the important consumer protections that have been started by recent legislation.

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