One year after the U.S. Consumer Financial Protection Bureau began operating as an independent agency, Director Richard Cordray says it has achieved one of its chief goals: getting Wall Street to pay attention.
Some consumer credit-card complaints haven’t reached banks that issued the cards because of technical problems in the new system created by the Consumer Financial Protection Bureau, industry groups and regulators said.
A court ruling last month cast doubt on the legality of the fledging U.S. consumer bureau and its director. Ever since, opponents have expressed hope that Senator Elizabeth Warren -- the agency’s most ardent champion -- might agree to trim its powers in return for its survival.
Supporters of Harvard law professor Elizabeth Warren to lead the new consumer financial bureau have picked up endorsements from lawmakers, political websites and newspaper editorials. Their success may depend on whether a quieter campaign Warren has been waging can win over detractors.
Congress should consider slowing funding for the Navy’s Littoral Combat Ship because the Pentagon is buying vessels faster than it can test their design and performance, according to a Government Accountability Office report.
Automobile dealers who three years ago won an exemption from direct oversight by the U.S. Consumer Financial Protection Bureau have found that it still has a lot of clout over how they finance car sales.
The imminent reshaping of U.S. banking regulation creates a new center of gravity in Washington, a consumer chief with thousands of employees, a $400 million budget and power to impose federal rules on mortgages, credit cards and layaway plans.