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The Inside Story of the Consumer Financial Protection Bureau - Case Study Example

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The author of this case study "The Inside Story of the Consumer Financial Protection Bureau" will discuss the Consumer Financial Protection Bureau, the independent agency created by the U.S. government for consumer protection in the financial section…
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The Inside Story of the Consumer Financial Protection Bureau
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First, it is worth saying that a new consumer financial protection agency, the Consumer Financial Protection Bureau, was created to protect Americans’ personal finance transactions. It may seem that the creation of Bureau was a result of Congress's effort to reorganize the industry of banking thus preventing the possible economic crises in the future. In the article “Consumer agency will clarify financial products costs, terms” the interviewer and the advocate for creating the agency Elizabeth Warren, a Harvard law professor and chairwoman of the Congressional Oversight Panel, explained that the new Bureau would give a chance to American families to obtain financial security. First published in 2007 in the Democracy Journal, the idea of creating the new bureau described a feisty “Financial Product Safety Commission” whose agents would be known further to the Americans as firefighters (DePillis, 2011).
The creation of the Bureau was called to rule governing consumer financial services and products that included mortgages and credit cards; it was also called to make loan terms and costs more transparent for the Americans. The agency would make credit cards and mortgages easy to follow, avoiding the fine print blurring of risk and cost. The agency was called to make the market more competitive; however, it was not aimed to facilitate the consumers in their purchase responsibilities and to make decisions on money (Mantell, 2010). Elizabeth Warren did not call the agency a “nanny”, but the force that will allow the market to work again and will bring transparency. In a certain period, such transparency will allow penalty fees and charges to go down and credit products to become cheaper. The agency will measure the risk in the financial system, however, it will not ensure the prevention of a financial meltdown, but it will ensure the raw materials put into the system would be clean products and the customers would understand them and have high repaying probability. ...Download file to see next pagesRead More
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