The Consumer Financial Protection Bureau opens for business July 21 and Time magazine recently chronicled how the group came about and what its charter will be.
As the source states, the CFPB was conceived in the wake of the mortgage and financial market meltdown and aims to function in a way that's similar to the Consumer Product Safety Commission. However, instead of monitoring the safety of products bought and sold in the open market, the CFPB will be watchful of mortgage firms and banks.
But Ed Mierzwinski, consumer advocate for the U.S. Public Interest Research Group, believes the CFPB will focus much of its attention on the credit card industry.
"Two of the biggest issues for big banks are whether they comply with the new Credit Card Act and their use of debit card overdraft programs," said Mierzwinski in an email to the news magazine. "I expect the CFPB to look at both of these issues early."
The CFPB may also be a resource to individuals, including those pursuing credit repair, who may require assistance with leveraging rights provided by various consumer protection statutes. Such individuals may also benefit from consultations with credit repair law firms as well.