US House approved creation of consumer protection agency

On December 11, 2009, the US House of Representatives voted 223-202 to approve a bill creating a consumer financial protection agency and strengthening oversight of the financial industry. The Wall Street Reform and Consumer Protection Act of 2009 [PDF] ultimately consolidated into the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law by US President Barack Obama in July 2010. The Act created the Consumer Financial Protection Bureau (CFPB), which is intended to protect consumers from predatory lending practices.

Learn more about the 2008 financial crisis and the laws governing financial regulation from the JURIST news archive.

 

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