Daily Archives: July 19, 2013
Remember the Dodd-Frank Wall Street Reform and Consumer Protection Act? After the financial crisis of 2008, Senators Dodd and Frank went to work to make sure their fellow Americans would never have to bail out the Too Big To Fail banks again. How ie that working out? Well, the TBTF banks are bigger than ever and the derivatives market is anybody’s guess as to how big it has become. I’ve seen figures ranging from 299 trillion dollars to 400 trillion dollars. If that bubble ever breaks there will be no survivors. But, that will be the subject of a future post. Today I want to focus on the Consumer Protect part of the Act.
Included in the Dodd-Frank masterpiece was the creation of the creation of the Consumer Financial Protection Bureau (CFPB). Their mission statement reads:
Our mission is to make markets for consumer financial products and services work for…
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