New Gov't Financial Agency Outlines its Authority

The Consumer Financial Protection Bureau will monitor mortgages, credit cards, and other financial products starting July 21, but the federal watchdog is starting to release more details of what else it will be monitoring.

The agency also will set out to improve financial literacy and protect military and senior citizens from predatory financial products.

Here are some of the products and services that CFPB will monitor:

Mortgages
Credit cards
Credit counseling
Credit reporting bureaus
Debt collectors
Deposit accounts.


Here is what is exempt from CFPB’s jurisdiction:

Real estate brokers
Lawyers
Accountants
Auto dealers
Banks and credit unions with less than $10 billion in assets.

Source: “A Look at the Authority of the New Consumer Financial Protection Bureau,” Associated Press (Jan. 31, 2011)