Whats the Bureau of Consumer Financial Protection?
On July 15, 2010, the U.S. Senate voted 60-39 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The bill — representing the most sweeping financial restrictions since the Great Depression — gives Congress the right to break up corrupt banks and other financial institutions, eliminates proprietary trading, and ends the practice of bailing out banks in trouble. In other words, it increases oversight of the financial industry in an effort to prevent the kinds of practices that many believe have led to — or worsened — the financial crisis. But what about the average Joe (or Jane) with 2.5 kids, a car and a mortgage? After all, regular people have also felt the effects of everything from corrupt lending practices to policies that work in businesses’ favor while putting customers at risk. Just think of the hundreds you’ve paid in hidden credit card fees over the years, or those who have been dropped by th