Latest Posts
Home > Debt Relief Industry > Consumer Financial Protection Bureau > Consumer Financial Protection Bureau In The Works But Don’t Expect Much Before July, 2011

Consumer Financial Protection Bureau In The Works But Don’t Expect Much Before July, 2011

Reuters is reporting recent comments by Treasury Secretary Geithner that have sent a clear signal that the new Consumer Financial Protection Bureau (CFPB) will not be active in enforcement actions until July, 2011.

“It is fair to say that until that authority is transferred, which will not happen before July of 2011, and before there is a confirmed director in place this agency by statute has very limited authority to actually write new rules,” Geithner said. – Source

Consumer Financial Protection Bureau In The Works But Dont Expect Much Before July, 2011
My submission for the new agency logo. Don’t hold your breath for this one.

The CFPB should be a real concern to all debt relief companies. With widespread authority and enforcement ability the CFPB is likely to adopt very strict and defined rules to protect consumers in all transactions involving credit and debt. This would include debt relief industry practices that are deemed to be deceptive and abusive.

The identification of what is deceptive and abusive is a very broad brush and not limited to those definitions by the FTC who has become saddled over a number of years of bureaucratic constraint.

Instead, under the guidance of Elizabeth Warren, now a special adviser to the president to help create a strong bureau, the debt relief industry should expect tough but fair and balanced rules to come.

This is the perfect opportunity for the debt relief industry and all affiliated trade associations to work to make sure internal rules, policies and enforcements are in place to regulate members. Those rules need to make sure they hinge on fairly and transparently informing consumers about debt relief options and signposting consumers to free services when available as an alternative.

Now is NOT the time for hyperbole in selling debt relief services. Now is the time to get the operations in compliance. This is the breather before the tough new regulations to come, and they will.

Consumer Financial Protection Bureau In The Works But Dont Expect Much Before July, 2011
Get Out of Debt Guy – Twitter, G+, Facebook

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

Consumer Financial Protection Bureau In The Works But Don't Expect Much Before July, 2011 by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.