AP IMPACT: Aggressive start for consumer bureau

[Omaha Steve]

Source: AP-Excite

By DANIEL WAGNER

WASHINGTON (AP) - The new federal agency charged with enforcing consumer finance laws is emerging as an ambitious sheriff, taking on companies for deceptive fees and marketing and unmoved by protests that its tactics go too far.

In the 14 months it has existed, the Consumer Financial Protection Bureau has launched dozens of enforcement probes and issued more than 100 subpoenas demanding data, testimony and marketing materials - sometimes amounting to millions of pages - from companies that include credit card lenders, for-profit colleges and mortgage servicers.

More than two dozen interviews with agency officials and industry executives offered sweeping insight into the new agency's behind-the-scenes efforts, which have taken the financial industry off guard and have been far more aggressive than previously known.

The number of subpoenas and probes was confirmed by agency, industry and trade group officials who spoke to The Associated Press on condition of anonymity because the subpoenas bar both sides from discussing them.

FULL story at link.



Read more: http://apnews.excite.com/article/20120912/DA18D3183.html

[freshwest]

1. That's why the Tea Party was funded and elected and why the GOP hates Warren and them.

This is gonna be good...

[annabanana]

2. GOOD! One of the very best things

to come out of the first term! Can't wait to see what he gets done during the second.

[davidthegnome]

3. This is hopeful news.

Thanks for sharing this.

[oldsarge54]

4. Wanna Bet

That the CARD act is now on Romney's hit list of "job killing regulations?" You know, the list that nobody has.

[Left Coast2020]

5. The companies should reimburse all of us that have been out of work.

That is what we deserve for our pain and suffering. About $2 million per person. These bastards have hurt millions of famalies. Happy to see this. Make it front page news too for all to see.