The retirement savings industry generally has little to do with the CFPB because the SEC is the main investment regulator, said Ianthe Zabel, an ICI spokeswoman. She declined further comment on the CFPB plans.
Credit Products
The agency officially began work in July 2011 and has focused much of its attention so far on consumer credit products, including credit cards and mortgages. In coming months, the agency is expected to turn their focus to short-term credit products including prepaid debit cards, bank overdraft fees and payday lending.
Longer-term, in addition to focusing on retirement savings, the bureau is studying mobile payments and the plight of Americans whose credit was damaged during the financial crisis, a group officials refer to as “the new subprime.”
“It may be because of things they did and it may just be because they suffered,” Cordray said in the interview. “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.”