Identity Protection Services Reviews
KNOWLEDGE CENTER
- History of Identity Theft
- A Look at identity Theft Statistics
- Credit Monitoring: Protecting Yourself Against Identity Theft
- Understanding Identity Theft: How an ID Thief Gets Your Information
- Phishing Scams: Understanding and Protecting yourself
- Identity Theft and Your Rights
- The Internet and Identity Theft: What You Must Need to Know
- Preventing Identity Theft: Protecting Personal Information
- Common Identity Theft Scams
- Suspicious Signs and Signals
- A Look at Credit Card Fraud: Identity Theft In the 21st Century
- Lifelock Command Center
- Identity Theft - Legal Point of View
- PCI DSS - The Security Standard to Avoid Identity Theft and Credit Card Fraud
- Think Online Security to Avoid Identity Theft
- Consumer Federal Protection Agency
- The Consumer Financial Bureau
IDENTITY THEFT LINKS
Consumer Federal Protection Agency
The Consumer Federal Protection Agency is part of President Obama's plan for financial regulatory reform and was signed into law in July 2010. This agency will be doing a major overhaul on the financial system, the likes of which have not been seen since the Great Depression. The Consumer Financial Protection Agency was created by President Obama for safeguarding against credit card, mortgage, and any other abuses that have contributed to the current crisis, which is the recession.
This agency is being designed to prevent another meltdown in the financial markets. The powers of this newly created agency would go beyond real estate and mortgages. The agency would also have power over credit and debit cards, payday loans, consumer loans, debt collections, credit reporting agencies, stored-value cards, financial advisory services, investment advisory, and so many more services.
Here are some of the things that the agency could do for you, the consumer.
- The agency would have the authority to alter common practices that have been in effect a long time and makes the consumer mad. One of these practices includes the mandatory arbitration clause in the fine print of contracts. Today, if there are any disputes between consumers and the business it goes to an arbitrator but with the new agency they are trying to set it so it goes straight to court.
- For virtually all consumer financial products, the agency would have the right to write the user-safety rules. The agency would also have the legal right to levy huge fines and prosecute brokers, lenders, and anyone else who broke the rules.
- In all home real estate settlements, the agency would be the dominant federal consumer protector. The agency would regulate affiliated title, financing business, and escrow that is in anyway connected with builders and real estate firms. The agency would also oversee fair housing and equal credit opportunity for all consumers. The agency would also set the standards for all mortgage offerings, no matter how large or small the lenders are.
- The agency has one year to create a consumer friendly and uniform disclosures for all transactions that are financed and home purchases.
One of the purposes of creating the Consumer Financial Protection Agency is to group together all these financial information that is currently scattered among various agencies. President Obama wants to have a centralized agency so that is why it was created.
