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Follow Friday: Weekly Web Roundup (7/22/11)

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We’re happy to bring you a special CFPB edition to our weekly roundup! With its rotating cast of characters, heated hearings and ideological tug-of-war this has been a fight for the ages. Now that the doors have officially opened, we encourage you to read the latest on the goings-on from the most politicized government agency of the 21st century. As always, if you enjoy any of our favorite bloggers, we encourage you to follow them on Twitter for regular updates. And don’t forget to follow Credit.com at @CreditExperts while you’re at it!

CFPB: Headless Consumer Cop Takes Over The Banking Beat
The high stakes battle over the CFPB’s power rages on. Doors are open but the agency is still trying to deflect attempts to defund and defang what they’re attempting to build. Opposition to the bureau having one leader the helm, and the power to change the financial product industry’s operations, is strong. On the other hand, the positive sentiment for consumer protection is high. The war wages on! @TheStreet

Elizabeth Warren Makes it Personal
Over the last year Elizabeth Warren has passionately been building the consumer financial protection bureau while the left has been celebrating her and the right condemned her. That polarizing passion she has for the cause may be the very thing that put Warren out of the running for the director position of the agency that she created. @TheAtlantic

GOP to Richard Cordray: Nothing Personal
There are seemingly very few things republicans and democrats can agree on lately, but Cordray’s intelligence and capacity are not included. Even those who detest the CFPB are much more favorable towards the new director nominee. No matter the good will toward him, there’s enough bad will toward the agency to cost him the confirmation. @Politico

Credit-Report Firms to Face More Scrutiny
The CFPB will have jurisdiction over the big three credit reporting agencies and will require more transparency from them. The firms are often secretive and do not want to open the books for outsiders. That attitude may be forced to change as insiders predict reporting examinations. @MarketWatch

Delay in U.S. Consumer Bureau Authority Spares Non-Bank Lenders
Payday lenders have come under much scrutiny after getting a terrible reputation for deceptive lending over the past few years. All non-bank lenders currently have to comply with the Truth In Lending Act, but will escape the watchful eye of the CFPB (for now) due to a political hold-up. @Reuters

[Related Articles: The Consumer Financial Protection Bureau]

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