NEWS: Consumer Financial Protection
In July, 2011, the authority to stop unfair, abusive, and deceptive financial practices and to enforce federal consumer financial protection laws will be shifted from existing federal regulators to the Consumer Financial Protection Bureau (CFPB).
This change was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. At the same time, the Dodd-Frank Act ensures that states will play an important role in reigning in abusive lending practices.
When borrowing money, be sure to read ALL small print, ask questions, making sure you understand your rights as a consumer.