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Treasury reports busy opening for CFPB
WASHINGTON (7/22/11)--The Consumer Financial Protection Bureau (CFPB) began its first official business day on Thursday by sending a letter of introduction to the CEOs of the financial institutions that it now oversees. The U.S. Treasury, parent agency to the CFPB, said that the letters “outline the agency’s approach to supervision and examination” and “mark the beginning of the CFPB’s regular communications with the institutions it supervises.” The CFPB is also ready to accept consumer credit card complaints and prepared to offer referrals to financially troubled homeowners to home counseling services. The agency soon will have the capacity to deal with other issues. Federal consumer financial laws will now be enforced by the CFPB, the Treasury added. The CFPB is getting ready to publish a final list of the regulations it will enforce and it will release a series of interim rules that will cover confidentiality, how testimony of records are made available to the public, and related Privacy Act and Freedom of Information Act requirements. The CFPB will also detail how its own investigative procedures and administrative enforcements will proceed. Other administrative and internal CFPB matters are being handled at this time, the CFPB added. The agency was established by the Dodd-Frank Wall Street Reform Act, which was signed into law one year ago yesterday. NCUA Chairman Debbie Matz marked the occasion at Thursday’s open board meeting, saying that the Dodd-Frank Act has “begun to achieve its desired results of promoting a stronger, safer, more stable financial system. “The actions of NCUA and other regulators, together and independently, are correcting many of the weaknesses laid bare by the financial crisis,” she added. Also relating to the CFPB late yesterday, the House voted 241-173 in favor of establishing a five-member, bipartisan commission to manage the bureau, rather than having a single director at its head as the Dodd-Frank Act now requires. The Credit Union National Assocaiton has suggested that if Congress adopts a law requiring a five-member panel, one panel member, at least, should have credit union experience. See News Now Monday for more on the bill. For the Treasury and NCUA releases, use the resource links.
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