Gail Hillebrand of the Consumer Union just delivered a clear and concise explanation of the statutory structure of the newly created Consumer Financial Protection Bureau. Ms. Hillebrand discussed the types of products, services, and providers within the purview of CFPB jurisdiction. She also explained the new powers and obligations of the agency, its role in supervision of certain financial institutions, and how its existence will affect the distribution of power among existing federal agencies. Of particular interest in this new statutory structure, is the ability of states to have a much greater role in consumer protection regulation.
View Ms. Hillebrand’s slide show here.