Federal Consumer Watchdog Readies to Bare Its Teeth

January 6, 2013
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The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles more vigorously than ever before.

The youngest U.S. financial regulator, created by the 2010 Dodd-Frank financial-overhaul law, spent last year working through a list of studies and rules required by the law.

“They are now freed from some of the procedural shackles” posed by the Dodd-Frank to-do list and will have wide latitude to focus on other areas of consumer finance, said an analyst with Compass Point Research & Trading.

He also noted that the bureau has no shortage of cash to spend on its work: the bureau left unspent nearly $44 million of its $343 million 2012 budget.

Areas in which the agency is expected to act include overdraft fees, student lending, debt collectors and credit-reporting firms.

Story by Victoria McGrane at the Wall Street Journal.

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