The President announces that he will nominate Richard Cordray to be Director of the Consumer Financial Protection Bureau and commends Elizabeth Warren for her work in setting up the new bureau. July 18, 2011.

Treasury Secretary Timothy Geithner says the US Financial system failed to protect consumers and investors and suggested that the regulatory system will need changes to prevent another crisis in the future. (May 18)

FCAC marks World Consumer Rights Day Know your rights and responsibilities when it comes to financial products and services

President Obama announced the introduction of the new consumer financial protection agency, which will execute a plan for regulation reform that would improve the current “patchwork system” full of outdated regulations and lax oversight that helped lead to last year’s crisis,” and “stand up, not for big banks, not for financial firms, but for hard-working Americans.” Such changes, he says, would prevent consumers becoming victims of “predatory practices of some in the financial industry …