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A Busy Start for Finance's Newest Regulator

Reese Darragh | July 26, 2011

The Consumer Financial Protection Bureau opened its doors for business on July 21 and immediately set to work on an ambitious agenda, including a long list of rulemaking requirements, study reports, and the setting up of a hotline for complaints about consumer credit cards.

The bureau's top priority was publishing the final list of regulations from transferor agencies now enforceable by the bureau, which it did on the first day, as required by the Dodd-Frank Act to officially commence regulatory activities.

Elizabeth Warren, special advisor to the Secretary of the Treasury on CFPB, said in a statement that the bureau's inception marks the beginning of a fundamental change in the marketplace for financial products. “This...

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