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Consumer Financial Protection Bureau

Law and Society

Dee Pridgen

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Sea Changes In Consumer Financial Protection: Stronger Agency And Stronger Laws, Dee Pridgen Dec 2012

Sea Changes In Consumer Financial Protection: Stronger Agency And Stronger Laws, Dee Pridgen

Dee Pridgen

This article tracks the rising influence of behavioral economics as a guiding force in consumer protection. The Consumer Financial Protection Agency, formed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is a new and stronger agency for consumers. Two pieces of legislation, the Mortgage Reform and Anti-Predatory Lending Act (Title XIV of Dodd-Frank), and the Credit Card Accountability , Responsibility and Disclosure Act (Credit CARD Act) of 2009, are stronger laws ensuring the safety of consumer financial products. This article examines the new agency and the new laws, explains how they differ from the prior governmental …