The federal Consumer Financial Protection Bureau recently had former Ohio attorney general Richard Cordray named to its top executive position and has already received additional orders to expand its safeguards.
Within days of his appointment, Cordray said that the CFPB would begin monitoring non-bank financial institutions such as payday loan and private student loan lenders, as well as mortgage servicers, according to a report from Bloomberg News. This is in addition to the agency's current focus, which includes monitoring consumer credit card agreements and clarifying lending agreements by making them shorter and ensuring they are written in plainer language.
The CFPB has been operating under an interim leader — Treasury official Raj Date — since gaining full regulatory power on July 21, 2011.
Of course, consumers can also do a bit of financial protection for themselves by monitoring their credit reports to make sure there are no unfair notations that may earn them undeservedly low credit scores. Working with a credit repair company can help to erase these mistaken entries from their borrowing history.