The Consumer Financial Protection Bureau has proposed a rule that would allow the agency to supervise large debt collectors and consumer reporting agencies, aka credit bureaus.
The CFPB is a new consumer watchdog agency that was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. As part of its nonbank supervision program, the agency supervises mortgage companies, payday lenders, and private student loan companies. CPFB also takes complaints on credit card issuers. If the new regulation is passed, the CFPB would supervise the largest debt collectors and credit bureaus.
Currently, the Federal Trade Commission is responsible for enforcing laws for debt collectors and credit bureaus, namely the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. However, the FTC typically only takes action after receiving consumer complaints.
If you were to ask any one of the millions of retirement savers who endured the vicious roller coaster ride of the stock market from 2008 through 2011, whether they would have preferred that their money was invested in stable value funds, the answer would probably be a resounding “YES!” That’s easy to say in hindsight. After all, the average return on stable value funds was more than 3% as compared with, well, who knows what on stock mutual funds during that period of time. As part of the fallout of the 2008 stock market crash and the subsequent volatility, stable value funds have seen a marked increase in deposits. However, is that really the best course of action for retirement savers? Maybe not.
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