Some may wonder how a watchdog with no head can do much watching, but that’s the current state of affairs as the new Consumer Financial Protection Bureau, one of the administrations key financial reform programs coming out of the 2008 financial crisis, officially opens for business on July 21.

Created as part of the package of reforms known as the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, the new CFPB is tasked with being a kind of consumer protection agency specifically for customers of financial institutions.

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