Everybody in Congress and in the Obama administration say they are for consumer protection. However, in the debate over the new consumer bureau, it depends on what the meaning of “consumer protection” is.
House Republicans last week took the first steps to change the structure of the new consumer protection bureau in a way that Democrats say would weaken it.
Republicans say bureau director would have too much power unless bureau structure is changed.
WASHINGTON — The woman setting up the new Bureau of Consumer Financial Protection said the bureau will be a strong ally of credit unions that "want to work on behalf of their members."