With Elizabeth Warren as an adviser, the new Consumer Financial Protection Bureau is officially en route to becoming a tough new regulatory body on behalf of consumers.
The set-up process is expected to take 10 months, with an official launch date of July 21, 2011, according to the Treasury Department.
What can consumers ultimately expect? More disclosures and fewer hidden fees.
“The time for hiding tricks and traps in the fine print is over,” Warren said on the White House Website.
The Consumer Financial Protection Bureau was the signature piece of the Wall Street reform bill that Congress passed and the president signed into law in July.
