As you have been reading here on the blog, we released the first draft versions of a combined Good Faith Estimate and Truth in Lending disclosure form in May. Here on the website, we asked for public feedback through the…
We received thousands of comments in response to the first phase of our Know Before You Owe project, which asked the public for input on a single, simpler mortgage disclosure. Right now, someone who applies for a mortgage gets two…
Monday is Memorial Day. For many Americans, that means a three-day weekend, the start of the summer season, and a chance to hit the sales. When asked “What is Memorial Day?” schoolchildren might answer: “It’s the day the pools open.”…
Since we launched this website, we’ve received hundreds of suggestions. Your input will help us build a stronger consumer bureau.
The CFPB will work to promote fair competition for depository and non-depository institutions, large and small. No one should be able to ignore the rules in order to take customers away from those who follow them.
The CFPB will work to ensure that financial companies make the true price clear to consumers so they can make the decisions that are best for them. Companies shouldn’t compete by figuring out how to fool you best. Transparency means that markets really work for consumers.
Treasury Secretary Henry Paulson proposes a federal commission to protect consumers.
Senators Richard Durbin, Edward Kennedy, and Charles Schumer join Representatives Bill Delahunt and Brad Miller to introduce a bill to create a “Financial Product Safety Commission” modeled on a 2007 article by Professor Elizabeth Warren.
At the direction of President Barack Obama, the Treasury Department releases a white paper on financial reform that recommends a strong and accountable consumer agency.
The House of Representatives first passes the “Wall Street Reform and Consumer Protection Act of 2009,” which creates a strong and accountable consumer agency.
The Senate first passes the “Restoring American Financial Stability Act of 2010,” which includes a strong and accountable consumer bureau.
A Senate-House conference committee reports out the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” which establishes the new Consumer Financial Protection Bureau (CFPB).
The “Dodd-Frank Wall Street Reform and Consumer Protection Act” passes both houses of Congress, and President Obama signs the bill.
Professor Elizabeth Warren is appointed Assistant to the President and Special Advisor to the Secretary of the Treasury. She is to be responsible for overseeing the development of the CFPB.
The CFPB Implementation Team surpasses 100 employees. View the full timeline to check out some of the latest hires.
ConsumerFinance.gov launches.
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