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ConsumerWatch: New Consumer Protection Agency Opens SF Office

SAN FRANCISCO (CBS 5 / AP) – The new Consumer Financial Protection Bureau opened for business on Thursday, with a branch office located in San Francisco.

The agency is tasked with investigating consumer financial complaints involving banks, mortgage problems, credit cards as well as payday lenders.

Meanwhile the battle over the controversial agency continues on Capitol Hill. The U.S. House of Representatives has greeted the official opening of the new agency to protect consumers from financial abuse by voting to change its structure and reach.

Republican sponsors said they were trying to make the bureau more transparent and accountable. Democrats said Republicans wanted to cripple the agency before it gets on its feet.

The legislation, which passed 240-173 on Thursday, would replace the agency director with a five-person commission and make it easier for federal regulators to override rules created by the agency.

The consumer protection office was created as part of President Barack Obama's financial overhaul act signed into law exactly a year ago.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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