Reformed Wall Street

The Obama Administration established the Consumer Financial Protection Bureau (CFPB) to hold financial institutions accountable and protect consumers from the types of abuses that preceded the crisis. Since its creation, this new independent watchdog has established safer national mortgage standards to better determine a borrower’s ability to repay over the long term, launched new transparency requirements that clearly spell out interest rates and payments, and subjected credit reporting agencies, debt collection agencies, and payday lenders to federal supervision for the first time.

The Administration also adopted the Volcker Rule to prohibit banks from risky proprietary trading and from sponsoring investment funds that are unrelated to core banking activities.

(Left) President Barack Obama meets with Economic Recovery Advisory Board Chair Paul Volcker in the Oval Office, Jan. 21, 2010.

(Right) President Barack Obama meets with heads of financial regulatory agencies in the Roosevelt Room of the White House to receive an update on implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, July 18, 2011.

(Courtesy Barack Obama Presidential Library)​

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