The first week of the new Consumer Finance Protection Bureau is off to a difficult start. The new agency, part of the initiatives of the Dodd Frank bill, is the first time there has been a regulator whose sole function is consumer protection. It will oversee credit cards, mortgages, payday loans, etc. There is a concerted effort, however, to water the agency down and efforts to appoint a director are being frustrated until changes are made. It looks like we will have this new agency, but its powers will not be what was anticipated in the Dodd Frank Bill. Both banks and advocates want simplified disclosures, marketing rules, and uniform regulations . Both sides want changes, but the industry (especially the smaller banks) are concerned about the costs.
