While many aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act have come under fire in recent months, particularly from Republican lawmakers and presidential candidates, Treasury Secretary Timothy Geithner recently defended the law.
Geithner recently issued a statement in which he said that many aspects of the Dodd-Frank Act are already working to help consumers and businesses alike, and that those who would either work to slow, reverse or completely repeal the bill in the coming months would be doing a considerable amount of harm to the economy. That's because lawmakers are now writing a number of additional rules and regulations, which are not finalized as yet, within the framework of Dodd-Frank. Scaling it back, therefore, might cause added delays in whatever is currently being written.
He also said that the Consumer Financial Protection Bureau is doing a lot of good for consumers who previously had little recourse in dealing with disputes related to their outstanding mortgage bills or credit card debt.
The CFPB has been working to develop a number of protections for consumer credit accounts and help boost debt relief efforts, including the testing of new disclosure forms that simplify lending agreements for both credit cards and mortgages.