US Consumer Agency to Be Active in Court Cases

According to initial reports from Reuters, The Consumer Financial Protection Bureau, a new agency formed in July 2011 is stepping up to the plate and heading to court to be active in cases involving disputes over consumer lending laws. 

The Bureau was formed to police markets for financial products including credit cards, loans and mortgages. It also works to educate consumers and investigates complaints from consumers regarding unfair or discriminatory lending practices.

The Consumer Finance Protection Bureau plans to attend court cases to give its' view on lending laws and says some courts have "misinterpreted the law".

According to the article first published by Reuters - "On Tuesday, the agency said it had filed a friend-of-the court brief in a truth in lending law case before the Denver-based U.S. 10th Circuit Court of Appeals.
"We are committed to making sure that borrowers can exercise their rights to the full extent allowed under this law," CFPB Director Richard Cordray said in a release.

The agency said it planned to file these types of amicus briefs whenever it feels its views can help a court.
"Amicus briefs are an important way for the CFPB to ensure that the statutes it oversees are correctly and consistently interpreted by the courts, even in cases in which the CFPB is not itself a named party," the bureau said in a release".

To read the entire article, click here. To visit the CFPB website, click here.

Posted in CFPB , Consumer Financial Protection Bureau , lending laws , truth in lending