One of the exciting aspects of the Consumer Financial Protection Bureau (CFPB), which opened its doors on July 21, is that we finally have a federal regulator for non-bank financial institutions, like independent mortgage lenders and payday lenders. But the CFPB will not have the authority the regulate other non-bank financial institutions, like consumer finance companies, debt settlement companies or prepaid card providers unless it finds that they are larger participants in the market. It’s heartening to see that one of the CFPB’s first orders of business is to define the scope of non-bank financial institutions it will regulate so it can get to work protecting consumers regardless of where they conduct their financial business.

The CFPB is soliciting a third round of comments on its Know Before You Owe project to simplify disclosure forms used in the mortgage process.  The agency last week extended the deadline to this Wednesday.

I tend to be a “glass half full” optimist, so I’m pretty happy about the launch of the Consumer Financial Protection Bureau (CFPB) on July 21. Having a regulator that looks out for the interests of consumers is definitely something to celebrate.

An amendment to the Economic Development Revitalization Act (S. 782) appeared yesterday that would essentially disarm consumers’ cop on the beat, the Consumer Financial Protection Bureau (CFPB). Amendment #391, proposed by Sen. Jerry Moran (R-KS), would seriously weaken the CFPB’s ability to protect consumers—its only mandate. It puts the same regulators who failed to restrain the reckless subprime lending that led to the housing crisis in a position to paralyze the CFPB’s ability to take action against financial institutions who are harming consumers.

A week after Rep. Patrick McHenry (R-NC) took Elizabeth Warren to task during a Congressional hearing and called her a liar, she’s been invited back to spar with another famously feisty opponent: Rep. Darrell Issa (R-CA). Issa’s letter to Warren says:

As it gets closer and closer to the July 21 deadline for the Consumer Financial Protection Bureau to get started on the business of protecting consumers, attacks on the Bureau are picking up intensity.