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Treasury Official Wolin Boosts Consumer Financial Protection Bureau

Deputy secretary says new CFPB will allow other regulators to focus on core missions, expand consumer choice and be accountable to Congress.

By Claude R. Marx | Updated on April 19, 2011

The new Consumer Financial Protection Bureau will give other regulators the chance to focus on their core mission, expand consumer choice and be heavily accountable to Congress, Deputy Treasury Secretary Neal Wolin said Tuesday

“The existence of the CFPB allows prudential regulators (such as the NCUA) to focus on their core tasks – making sure that banks have the capital, the liquidity, and the risk-management tools to ensure safety and soundness in the system. It allows the CFPB to focus on its own single task – to make sure that consumer financial products are offered in a fair, transparent and competitive way,’’ he said during a speech on the progress of implementing the financial overhaul bill passed last year.

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