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CFPB Prepares for Regulatory Launch

Reese Darragh | January 23, 2012

Oh sure, the Consumer Financial Protection Bureau may have seen its first-ever director take office only three weeks ago—but the agency has done anything but sit around waiting for the last six months.

The Obama Administration formally put Richard Cordray into the CFPB's direct job on Jan. 5 via a recess appointment, after months of wrangling with the Senate over confirmation hearings. But Cordray had been the de facto leader of the agency since its inception last July, and the CFPB has been busy preparing its full-court press into the regulatory realm this year.

First up is the republishing of rules from other regulators that oversee financial products; as part of the Dodd-Frank Act of 2010, many of those oversight duties will be centralized into the CFPB. Most legal experts, however, say this process is not much more than administrative housekeeping...

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