by Vicki Morwitz and Robert Whitelaw
The Senate today approved the Dodd-Frank Wall Street Reform and Consumer Protection Act. Soon President Obama will sign it, and the Act will become law. One notable aspect of this sweeping financial regulation is the creation of a new Bureau of Consumer Financial Protection (BCFP) as an independent bureau within the Federal Reserve System. The BCFP is charged with aiding consumers in understanding and using relevant information; protecting them from abuse, deception, and fraud; ensuring that disclosures for financial products are easy to understand; conducting research; and providing financial literacy education. But will the new law accomplish these goals? And who will be the winners and losers under the new law?
The Senate today approved the Dodd-Frank Wall Street Reform and Consumer Protection Act. Soon President Obama will sign it, and the Act will become law. One notable aspect of this sweeping financial regulation is the creation of a new Bureau of Consumer Financial Protection (BCFP) as an independent bureau within the Federal Reserve System. The BCFP is charged with aiding consumers in understanding and using relevant information; protecting them from abuse, deception, and fraud; ensuring that disclosures for financial products are easy to understand; conducting research; and providing financial literacy education. But will the new law accomplish these goals? And who will be the winners and losers under the new law?
Continue reading Consumer Financial Protection Regulation: The Winners and Losers.
