AP News

News Summary: Regulator barks, industry shudders

CRACKING DOWN: The new agency charged with enforcing federal consumer finance laws has sent out more than 100 subpoenas related to dozens of probes. Its investigations bring unprecedented scrutiny to payday lenders, private student loan companies and consumer banks. Mortgage insurance companies and subprime auto dealers are among the bureau's early targets.

NEW COP: The agency, called the Consumer Financial Protection Bureau, was created after the financial crisis to protect consumers from tricky fees and misleading marketing of financial products and services.

NEW COSTS: Companies say the costs of responding to subpoenas might push them out of business or limit their product offerings.

Steve Ballmer, Power Forward
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