The Consumer Financial Protection Bureau will monitor mortgages, credit cards, and other financial products starting July 21, but the federal watchdog is starting to release more details of what else it will be monitoring.
The agency also will set out to improve financial literacy and protect military and senior citizens from predatory financial products.
Here are some of the products and services that CFPB will monitor:
* Credit cards
* Credit counseling
* Credit reporting bureaus
* Debt collectors
* Deposit accounts.
Here is what is exempt from CFPB’s jurisdiction:
* Real estate brokers
* Auto dealers
* Banks and credit unions with less than $10 billion in assets.
Source: “A Look at the Authority of the New Consumer Financial Protection Bureau,” Associated Press (Jan. 31, 2011)