Agency’s Tally of Credit Card, Mortgage Complaints: 13,210

The Consumer Financial Protection Bureau received 13,210 complaints from credit card and mortgage holders between July 21, 2011, when the agency was launched, and Dec. 31. The CFPB expects to handle consumer complaints on all financial products and services within its authority by the end of 2012.

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New Consumer Agency, FTC Agree to Coordinate Efforts

The venerable Federal Trade Commission had been working to protect consumers from unfair business practices for 96 years when Wall Street reform in 2010 created the Consumer Financial Protection Bureau to expand and centralize protections against unfair lending practices. Now, the two agencies are officially cooperating with each other.

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Consumer Watchdog Preps ‘Nonbank’ Lender Supervision

The nation’s new consumer watchdog is preparing to supervise “nonbanks” as part of its mandate to protect Americans from deceptive or abusive lending practices. For markets – such as debt collection, consumer reporting, auto financing, and money services businesses – the CFPB said it can supervise “larger participants,” but it must define what a “larger participant” means.

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Obama Empowers Consumer Watchdog, Defying GOP Opposition

Bypassing staunch GOP opposition, President Obama today appointed former Ohio attorney general Richard Cordray to head the six-month-old Consumer Financial Protection Bureau, exercising his “recess appointment” authority. Doing so is already creating more partisan bickering over the controversial agency, which opened its doors in July, one year after its creation was mandated by the Dodd-Frank financial reform legislation.

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