文/本刊记者 韩 松

Wen/your correspondent Korean pine

　　由两个独立机构分别负责审慎监管和消费者权益保护的“双峰”模式代表了当今发达经济体金融监管的最新趋势，但美国政界围绕消费者金融保护局的设立而进行的明争暗斗说明，任何监管改革都将面临既得利益集团的强力反扑。要确保改革成功，为政者需要有大智慧(601519,股吧)。

Respectively by the two independent institution is responsible for the Prudential regulation and protection of consumer rights and interests"Twin peaks"Model represents a new trend in today's developed economies' financial regulation,But American politics revolve around the creation of a consumer financial protection bureau and infighting,Any regulatory reform will face more powerful vested interests.To ensure the success of the reform,Did not need to have great wisdom(601519,stocks).

　　“言必称美国”背后的道理 "It will be called the United States"Behind the truth

　　本刊2006年10月号封面专题《监管下一步》以相当大的篇幅报道了截至当时全球、特别是发达经济体金融监管理论、思路、架构与实践的最新进展，其中《目标监管“双峰模式”》一文特别介绍了当时尚属全新的“双峰”（twin-peak）监管模式，即两个独立的监管机构，分别负责对各类金融机构进行审慎监管和商业行为规范监管。文中写道：

The economist in 2006 October cover stories[Regulation next]With considerable length report by the end of the world/Especially in developed economies theory of financial regulation/Train of thought/The latest progress of architecture and practice,Among them[Target regulation"Bimodal pattern"]Are particularly introduced is a new fashion"Twin peaks"(Twin - peak)Regulatory model,The two independent regulators,Respectively is responsible for prudential supervision of all kinds of financial institutions and business code of conduct regulation.He wrote:

　　“金融监管有三个核心目标：金融系统稳定；金融机构安全稳定；保护消费者，特别是金融知识较少的零售消费者。与这三个目标相吻合的是两种类型的监管：关注于会对经济产生重大影响的机构的审慎监管（prudential regulation），以及确保金融机构在为其客户提供服务时遵守一定标准的商业行为规范监管（conduct of business）。这便是当前最前卫的左眼监管安全、右眼监管服务的‘双峰模型’。”

"Financial regulation has three core objectives:Financial system stability;Security and stability of financial institutions;To protect consumers,Especially financial knowledge less retail consumers.Consistent with these three goals are two types of regulation:Will focus on the economy have a significant impact on the prudential supervision of the organization(Prudential regulation),And ensure that financial institutions in providing its customers with services comply with certain standards when regulation of business practices(Conduct of the business).This is the most avant-garde left eye safety regulation/The right supervision services‘Twin peaks model’."

　　彼时，这一理念和模式的确相当前卫，带有实验性质，全世界仅有澳大利亚、荷兰、加拿大等少数国家采用。文章中，本刊详尽介绍了澳大利亚和荷兰的改革历程和现状，包括两国金融“双峰”监管机构——澳大利亚审慎监管局（Australian Prudential Regulatory Commission，简称APRA）和澳大利亚证券投资委员会（Australian Securities Investment Commission，简称ASIC），及荷兰中央银行（De Nederlandsche Bank NV，简称DNB）和金融市场管理局（Authority for Financial Markets，简称AFM）——各自的职能划分与分工协作。

At the time,The idea and pattern is indeed very avant-garde,With experimental,The world only in Australia/In the Netherlands/A handful of countries such as Canada.In the article,This paper detailed introduces the reform course and status quo of Australia and the Netherlands,Including financial the two countries"Twin peaks"Regulator, the Australian prudential regulatory authority(Australian Prudential Regulatory themselves,Hereinafter referred to as APRA)And Australian securities and investments commission(Australian Securities Investment themselves,Hereinafter referred to as an ASIC),And the Dutch central bank(De Nederlandsche Bank NV,Hereinafter referred to as the DNB)And the administration of financial markets(Authority for Financial Markets,Hereinafter referred to as AFM)- each function division and collaboration.

　　全球金融危机爆发后，“双峰”模式成了若干国家和地区金融监管改革的范本：南非和香港在探讨采用该模式；荷兰政府建议欧盟考虑该模式；英国《2012年金融服务法》（Financial Services Act 2012）则明确提出撤销金融服务局（Financial Services Authority，简称FSA），新设审慎监管局（Prudential Regulation Authority，简称PRA）和金融规范局（Financial Conduct Authority，简称FCA）。后者的职能，根据英国财政部网站信息，包括“以强硬姿态规范企业的商业行为……提升金融服务业的信心与透明度，并为金融服务消费者提供更好的保护……在促进竞争方面扮演重要角色”。

After the outbreak of the global financial crisis,"Twin peaks"Model into a number of countries and regions model for financial regulatory reform:In South Africa and Hong Kong is discussed using the model;The Dutch government suggested that the European Union consider this model;The UK[The financial service act in 2012](Financial Services Act 2012)It clearly put forward the financial services authority (fsa)(Financial Services Authority,Hereinafter referred to as the FSA),A new prudential supervision bureau(Prudential Regulation Authority,Hereinafter referred to as PRA)And financial standards bureau(Financial Conduct Authority,Hereinafter referred to as FCA).The latter the function of,According to the British Treasury website information,including"Regulate the behavior of enterprise business with tough attitude...Enhance confidence and transparency in the financial services industry,And provide better protection for consumers of financial services...Play an important role in promoting competition".

　　2008年3月，时任美国财政部长的汉克丒鲍尔森（Hank Paulson）领衔发布了一份《财政部现代化金融监管架构蓝图》（The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure，以下简称《蓝图》），其中“长期优化监管架构”（Long-term optimal Regulatory Structure） 有关内容中也提到金融监管的三个核心目标，即市场稳定监管（market stability regulation）、审慎金融监管（prudential financial regulation），以及商业行为规范监管（business conduct regulation）。《蓝图》建议彻底改革美国现有金融监管架构，建立基于目标（objectives-based）的新监管架构，在这一架构下，所有金融机构分为三类，即联邦保险的存款类金融机构（federal insured depository institutions，简称FIDI）、联邦保险机构（federal insurance institutions，简称FII），和联邦金融服务提供商（federal financial services providers，简称FFSP，即除存款类金融机构和保险机构外的所有其他类别金融机构）。监管方面，除美联储作为央行仍负责市场稳定监管外，另设审慎金融监管局（Prudential Financial Regulatory Agency，简称PFRA）和商业行为规范监管局（Conduct of Business Regulatory Agency，简称CBRA），后者负责监管所有三大类金融机构的业务行为规范和消费者保护。

In March 2008,The then Treasury secretary 丒 Hank paulson(Hank Paulson)Leading the issued a[The Treasury modern architecture blueprint financial regulation](The Department of The Treasury Blueprint for a Modernized Financial Regulatory Structure,Hereinafter referred to as the[The blueprint]),Among them"Optimizing the regulatory framework for a long time"(Long - term optimal Regulatory Structure) The content related to mention three core objectives of financial regulation,The stable market regulation(Market stability regulation)/Prudential financial regulation(Prudential financial regulation),Regulatory and business practices(Business conduct regulation).[The blueprint]Suggest that radical changes to the current financial regulatory framework in the United States,Based on the target(Objectives - -based)The new regulatory framework,In this framework,All financial institutions can be divided into three categories,That is, the federal insurance deposit financial institutions(Federal insured depository institutions,Hereinafter referred to as FIDI)/The federal insurance institutions(Federal insurance institutions,Referred to as "FII),And the federal financial service providers(Federal financial services will,Hereinafter referred to as FFSP,That in addition to the deposit financial institutions and insurance institutions all other categories of financial institutions).regulatory,In addition to the federal reserve remains responsible for market stability as a central bank regulation,The other set prudent financial regulator(Prudential Financial Regulatory Agency,Hereinafter referred to as PFRA)Regulatory authority and business practices(Conduct of the Business Regulatory Agency,Hereinafter referred to as CBRA),The latter is responsible for the supervision of all three types of financial institutions business practices and consumer protection.

　　“私营部门的机构如果不变革，就会过时。我们的监管架构也同样需要变革和演进，唯如此方经得起时间的考验……我们需要开始严肃地对金融监管架构进行改革和现代化。”《蓝图》如是说。

"If private sector institutions don't change,It will be out of date.Our regulatory structure also needs to change and evolve,Since it will stand the test of time...We need to start seriously to reform financial regulation structure and modernization."[The blueprint]said.

　　但鲍尔森的这份《蓝图》实在太过激进，在美国政府换届后即被束之高阁，嗣后推出的《多德-弗兰克华尔街改革和消费者保护法》（Dodd-Frank Wall Street Reform and Consumer Protection Act）中几乎看不到《蓝图》的任何影响。

But Mr. Paulson's this[The blueprint]Is too radical,In the United States government transition after being on the shelf,The later[The dodd-frank Wall Street reform and consumer protection laws](The dodd-frank Wall Street Reform and Consumer Protection Act)Almost can't see[The blueprint]Any impact.

　　当前美国的金融监管架构同危机前相比几乎没有任何明显变化，还是像凌乱地散落一地的字母饼干，一大堆英文缩写足以令非专业人士头晕目眩——Fed（联储）、FDIC（联邦存款保险公司）、OCC（货币监理署）、OTS（勤俭储蓄机构监理署）、NCUA（全国信用社管理局）、SEC（证券交易委员会）、CFTC（商品期货交易委员会），各州的银行厅、保险厅或金融服务厅，以及依据《多德-弗兰克法》第十章（Title X）新设的消费者金融保护局（Consumer Financial Protection Bureau，简称CFPB）。如此烦琐的监管架构，难免导致同时存在重复监管、监管盲区、监管竞争和监管套利等不良现象。

The current U.S. financial regulation structure compared to before the crisis almost without any obvious changes,Still like messy scattered alphabet cookies,A lot of English abbreviations is enough to make amateurs dizzy - the federal reserve(The federal reserve)/The FDIC(The federal deposit insurance corporation)/OCC(Comptroller of the currency)/OTS(Diligence and thrift supervision department)/NCUA(The national credit union administration)/The SEC(The securities and exchange commission)/The CFTC(The commodity futures trading commission),State bank hall/Insurance agency or the financial services agency,As well as the basis for[The dodd-frank law]Chapter ten(The Title X)A new consumer financial protection agency(The Consumer Financial Protection Bureau,Referred to as the agency).Such a cumbersome regulatory framework,Inevitably lead to duplicate regulation at the same time/Regulatory limbo/Regulatory competition and regulatory arbitrage and other bad phenomenon.

　　我们可以毫不夸张地说，在所有发达经济体中，美国的金融监管架构应该是最无“设计感”、最不“科学”、最不“优雅”的——至少理论上如此。

We can be no exaggeration to say that,In all developed economies,America's financial regulatory structure is supposed to be the most"Sense of design"/The least"science"/The least"elegant"- at least in theory.

　　那么，为何在探讨中国金融监管改革可借鉴的国际经验时，我们还是“言必称美国”？

then,Why in the discussion of China's financial regulatory reform can draw lessons from international experiences,We are still"It will be called the United States"?

　　最重要的原因是国情的复杂性。迄今为止，成功完成金融监管架构全面改革的主要是发达的“小”经济体——当然，“小”是相对于中国或美国而言。任何改革都会涉及不同利益相关方的博弈，社会经济条件越复杂，参与博弈各方达成共识就越难，最终往往要妥协、折中。妥协、折中的方案肯定距“完美”或“最优”相去甚远，而且固然有可能令博弈各方都能接受，也有可能令各方都不满意——关于后者，美国消费者金融保护局就是一个极好的例子。

The most important reason is that the complexity of the situation.So far,Successful completion of the financial regulatory structure reform is mainly developed in an all-round way"small"Economy, of course,"small"Is relative to China or the United States.Any reform will involve different stakeholders in the game,The more complex social and economic conditions,The parties reach a consensus for playing the game more difficult,Eventually tend to compromise/compromise.compromise/The compromise solution from for sure"perfect"or"The optimal"A far cry from,And is likely to make the game all parties can accept,Can make all parties are not satisfied about the latter,U.S. consumer financial protection bureau is an excellent example.

　　知道理论上“完美”或“最优”的战略并不难——美国名将马歇尔（George Marshall）曾经说过：“如果你将目标设置正确，一个中尉就能制订战略。”但促动利益相关方达成共识，或至少达成某种距离“完美”或“最优”不那么遥远的折中解决方案，并预留未来改进的空间， 这是现实世界的政治智慧。再看美国的例子，同样是各方争吵、博弈得出的结果，一部宪法可以用上200多年，体现了当初制宪者的大智慧；一个小小的消费者金融保护局，局长的任命，乃至机构本身的存在是否合法都要争得鸡飞狗跳，则实在不足为训。

Know that in theory"perfect"or"The optimal"General Marshall of strategy is not difficult - the United States(George Marshall)Once said:"If you set the target correctly,A lieutenant can develop strategy."But the actuation stakeholders reach a consensus,Or at least some distance"perfect"or"The optimal"Don't compromise solution so far,And reserve the room for improvement in the future, This is the real world of political wisdom.Look at examples in the United States,Is the same argument/Game results,A constitution can be used more than 200 years,Embodies the great wisdom of the framers;A small consumer financial protection agency,The appointment of the director,And even the existence of the institutions themselves are legal to fight for the chicken fly a dog to jump,Is really BuZuWeiXun.

　　中国的金融体系也在剧烈变革中。当下的改革举措，所谓“全牌照”、“大资管”、“金融控股”等，一旦落实，其冲击将不亚于上世纪发达经济体的“金融大爆炸”，则现行的基于金融分业的机构监管模式也一定需要“某种”变革。如何寻求最快捷、阻力最小、最不“折腾”、最不“伤筋动骨”、并能为未来进一步改革预留空间的变革路径，是我们现在必须思考的。从这个意义上看，美国消费者金融保护局成立前后的种种“狗血”剧情，可以在如何推进监管架构和机构改革方面，提供一个极佳的反面教材。

China's financial system is in a dramatic change.The present reform measures,The so-called"All licences"/"Large information technology"/"The financial holding company", etc.,Once the implementation,Its impact will be as much of the last century in developed economies"The financial big bang",Counter-measures institutions is based on the current financial regulatory model will be needed"Some kind of"change.How to seek the fastest/Least resistance/The least"STH over and over again"/The least"bone"/And the change path of room for further reform,We now have to think about.In this sense,Before and after the U.S. consumer financial protection agency"The dog blood"The plot,Can be in terms of how to promote the regulatory framework and institutional reform,Provides an excellent example.

　　局长人选之争 Director candidate

　　2010年7月正式生效的《多德-弗兰克华尔街改革和消费者保护法》第十章（Title X）明确规定设立消费者金融保护局。法律规定，作为独立的联邦机构，消费者金融保护局负责监管消费金融产品和服务，将原属美联储、联邦贸易委员会（Federal Trade Commission）、联邦存款保险公司（FDIC）、全国信用社管理局（National Credit Union Administration，简称NCUA），以及住房和城市发展部（Department of Housing and Urban Development）的消费者保护职能整合起来。消费者金融保护局局长由总统提名，国会参议院批准，任期5年。局内下设6个部门，即监督、执法和公平借贷（Supervision, Enforcement, and Fair Lending）；研究、市场和监管（Research, Markets, and Regulation）；首席运营官办公室（Office of the Chief Operating Officer）；消费者教育与接触（Consumer Education and Engagement）；外事（External Affairs）；及法律顾问（General Counsel）。

In July 2010 formally went into effect[The dodd-frank Wall Street reform and consumer protection laws]Chapter ten(The Title X)Make clear a regulation to set up a consumer financial protection agency.Laws and regulations,As an independent federal agency,A consumer financial protection agency to oversee consumer financial products and services,The original belong to the federal reserve/The federal trade commission(Federal Trade themselves)/The federal deposit insurance corporation(The FDIC)/The national credit union administration(The National Credit Union Administration,Hereinafter referred to as NCUA),And the department of housing and urban development(Department of Housing and Urban Development)The consumer protection function.A consumer financial protection bureau director nominated by the President,Senate approval,Term is 5 years.Station consists of six departments,The supervision of/Law enforcement and fair lending(Supervision, Enforcement, And Fair Lending);research/Market and regulatory(Research, Markets, And Regulation);Chief operating officer, office(Office of the devoted to Operating Officer);The consumer education and contact(Consumer Education and Engagement);In charge of foreign affairs(External Affairs);And the legal adviser(The General Counsel).

　　哈佛法学院教授、著名破产法专家、金融消费者权益保护的代言人伊丽莎白丒安丒沃伦（Elizabeth Ann Warren）作为总统特别助理，负责相关法律的落地实施。

Harvard law school professor/Famous expert in bankruptcy law/Financial consumer rights and interests protection spokesperson 丒 丒 Ann Elizabeth warren(Elizabeth Ann Warren)As a special assistant to President,Is responsible for carrying out the laws related to be born.

　　事实上，正是沃伦在2007年率先提出建立专门机构监管金融消费者保护。此前，作为破产法专家，她在学术研究中发现大量中低收入民众受金融机构不端行为的侵害，这使她从一开始就对华尔街不假辞色。一个例子是，2011年9月，沃伦和由她一手缔造的消费者金融保护局发布了一份只有短短7页的报告给全美50个州的司法总长，称2007年至2010年间，美国大银行在处理住房抵押贷款止赎中没有遵循正当程序，从中节约的费用约为200亿美元。彼时，各州司法总长正在调查包括美国银行、摩根大通、富国、花旗等大银行在止赎过程中的不当行为，这份报告为他们提供了制胜的弹药，最后大银行不得不拿出250亿美元和解。

In fact,,Was first proposed in 2007, warren regulatory financial consumer protection agency.after,As the bankruptcy law experts,She found that a large number of middle-income people in the academic research misconduct by financial institutions,This made her from the start is not false CiSe to Wall Street.One example is,In September 2011,Warren and she created by a consumer financial protection agency released a report only 7 pages of America's 50 states attorney-general,Between 2007 and 2010,Big American Banks in the process of housing mortgage foreclosure did not follow due process,To save the cost of about $20 billion.At the time,Including bank of America states attorney-general is under investigation/J.p. Morgan chase & co./Rich countries/Citigroup and other large Banks in improper behavior in the process of foreclosure,This report provides a winning their ammunition,The last big Banks had to take out $25 billion settlement.

　　10个月内，沃伦招募了500多名员工，从无到有搭建起该局的管理架构，并奔走于全美各地，传播金融消费者保护理念，为这一筹建中的机构争取人气。

Ten months,Warren recruited more than 500 employees,From set up the agency's management structure,And traveling all over America,Spread of financial consumer protection concept,For the preparation of the agencies gain popularity.

　　按原订计划，消费者金融保护局应在《多德-弗兰克法》生效一年后，即2011年7月21日正式开始运行，并获得执法权。奥巴马总统应在此日期前正式提名局长人选。在倾向金融监管改革的自由派人士和消费者保护团体看来，沃伦众望所归，出任局长应无悬念。

According to the original order plan,Should be in consumer financial protection agency[The dodd-frank law]One year after the effective,On July 21, 2011 the official start of the run,And law enforcement.Should President Obama formally nominated director candidate before this date.In the tendency of financial regulatory reform liberal and consumer protection groups seem to be,Warren desirable,Serving as a director should be no surprise.

　　但出乎意料的是，2011年7月18日，在白宫玫瑰园，奥巴马宣布提名俄亥俄州司法总长理查德丒考德瑞（Richard Cordray）出任消费者金融保护局局长，而只是对当时站在他右侧的沃伦表示感谢，并轻吻沃伦面颊——有人称这是“犹大之吻”，是奥巴马对改革和沃伦本人的背叛。

But surprisingly,On July 18, 2011,In the White House rose garden,Obama announced the nomination, Ohio attorney-general Richard 丒 test driver(Richard Cordray)As a consumer financial protection bureau,But just to stand at his right thank you warren,And a kiss -- some say this is warren's cheeks"Judas kiss",Is Obama's betrayal of reform and warren himself.

　　奥巴马的这一举动其实不难理解：沃伦此前作为破产法专家和国会问题资产救助计划监督委员会（Congressional Oversight Panel for Troubled Asset Purchasing Program）主席时所表现出的强烈的进步主义立场，素来为华尔街与国会共和党人所忌惮，在奥巴马政府内部亦多有树敌，如果提名她出任局长，势必遭到国会共和党人的强烈反对，不可能获得通过。

President barack Obama's move in fact it is not difficult to understand:Warren had as bankruptcy law experts and the troubled asset relief program oversight committee(The Congressional Oversight Panel for Troubled Asset Purchasing Program)Chairman of strong progressive stance,Who was terrified by Wall Street and the republicans in congress,Within the Obama administration has many enemies,If nominated her as chief,Is bound to face strong opposition from congressional republicans,Can't get through.

　　但显然奥巴马错误地估计了形势。国会共和党人所反对的绝不仅仅是沃伦个人，而是消费者金融保护局，乃至《多德-弗兰克法》本身。考德瑞的提名同样遭到共和党人的强力阻击，尽管就其经历看，考德瑞其实蛮中庸，没有什么可以引起强烈争议之处。最终，奥巴马只能在国会休会时以行政命令任命（recess appointment）考德瑞为局长——依照美国法律，高级官员的任命必须经参议院批准；尽管宪法规定，总统有权在国会休会期间做出临时任命决策，但相关任命必须在国会下次休会前得到国会批准；如届时未能获国会批准，相关职位自动空缺。

But Obama wrongly estimated the situation clearly.Congressional republicans are not just opposition by warren,Instead of a consumer financial protection agency,And even the[The dodd-frank law]In and of itself.. The nomination is also a barrage by republicans,Despite its experience,. Actually, the doctrine of the mean,Nothing can cause intense controversy.In the end,Mr Obama can only be appointed to the command when congress adjourned(Recess appointment)Test driver for the director, according to U.S. law,The appointment of the senior officials must be approved by the senate;Although constitution,The President has the authority to make recess and temporary appointment decisions in congress,But the appointment must be approved by congress before congressional recess next time;If congress failed to get approval in time,Relevant automatic openings.

　　巴马这步错棋使得消费者金融保护局从创立伊始即面临法律上的困境。

Obama this step wrong makes consumer financial protection bureau from founded the face legal trouble.

　　命悬一线 Hanging on by a thread

　　“消费者金融保护局的中心使命是让金融产品和服务市场服务于美国人民——不论他们是在申请住房按揭贷款、选择信用卡，或使用其他任何消费金融产品。”

"Consumer financial protection agency, the center of the mission is to make the financial products and services market to serve the American people - whether they are applying for a mortgage/Choose a credit card,Or use any other consumer financial products."

　　CFPB网站上如是说。具体说来，网站解释道：

Agency's website said.In particular,Website explains:

　　“消费者得到他们所需要的信息，从而为他们自己和家庭做出最优的财务决策——价格一清二楚，风险一目了然，没有什么隐藏在附属细则中。在一个正常运转的市场中，消费者应该能够在不同产品间做出比较，产品提供方应不能主动或迫于压力将其业务模式建立在不公平、欺诈或舞弊行径之上。”

"Consumers get the information they need,So as to make optimal for themselves and family financial decisions - price,Risk at a glance,There is nothing to hide in the fine print.In a normal operation of the market,Consumers should be able to make a comparison between different products,Products provide shall not voluntarily or under pressure to its business model based on unfair/Fraud or fraudulent behavior."

　　根据网站信息，CFPB的具体工作包括：

According to the website information,Including the CFPB's concrete work:

　　为联邦消费者金融保护相关法律进行规则制定、监督和执法工作；

Rules for federal consumer financial protection relevant laws/Supervision and law enforcement;

　　限制不公平、欺诈或舞弊行径；

Restrictions not fair/Fraud or fraudulent behavior;

　　接受消费者投诉；

Accept consumer complaints;

　　促进金融教育；

Promote financial education;

　　研究消费者行为；

Research on consumer behavior;

　　执行打击消费金融领域存在的歧视或其他不公待遇的法律。

Perform hit consumer finance discrimination or other unfair treatment in the field of law.

　　从CFPB网站上可以下载《CFPB监督与检查手册》（CFPB Supervision and Examination Manual），长达924页，现行《手册》已经是第二版，2012年10月发布。

Can be downloaded from the agency's website[Agency to monitor and check the manual](Agency Supervision and Examination Manual),A 924 - page,The current[manual]Is the second edition,Released in October 2012.

　　消费者可通过CFPB网站提交投诉，并可查阅投诉受理进程。从设置的固定链接中可以看出，目前CFPB受理的投诉主要是在银行账户和服务、信用卡、信用报告、转账、住房按揭贷款、学生贷款、车贷或其他消费贷款等领域。有意思的是，投诉页面还用西班牙文列出专门受理西班牙语投诉的电话号码，应该是考虑到不谙英语的拉美裔新移民恰好也是最易受到不端业务行为伤害的人群。此外，网站上还有专门鼓励机构内部人士“爆料”的相关内容。

Consumers can submit complaints through the agency website,And we can consult the complaint acceptance process.From the Settings can be seen in the fixed link,Now come to accept the complaints mainly in bank accounts and services/The credit card/A credit report/transfer/Housing mortgage loan/The student loan/Car loans and other consumer loans, etc.It is interesting,Complaint page also in Spanish listed specifically accepted by Spanish complaint telephone number,Should be considering the Hispanic immigrants is poor in English is also the most vulnerable to bad business behavior hurt people.In addition,Website and insiders encouraged agencies"fact"The related content.

　　应该说，至少从政务公开、透明度、互动性、界面友善等角度看，这个网站颇有可取之处，从中亦可看出当前美国金融消费者保护的主要动态——比如学生贷款是当前的“重灾区”；比如保护的重点人群主要有学生、高龄公民、现役和退伍军人等——一点“八卦”：负责现役和退伍军人事务的局长助理是前驻阿富汗多国部队司令、因婚外情曝光而离职的前中央情报局局长、退役陆军上将戴维丒彼得雷乌斯（David Petraeus）的妻子霍莉丒彼得雷乌斯（Holly Petraeus）。CFPB网站上有她的博客，最新的一篇是向军人及其家属普及个人贷款知识。

It should be said,At least from the public/transparency/interactive/Friendly interface, etc. Point of view,This site has merit,May also find that the main dynamic of the financial consumer protection is currently, such as student loans"Hardest hit";Such as protection of the main crowd of students/Older citizens/Active duty and veterans, etc. - a bit"gossip":For active duty and veterans affairs director assistant, a former commander of the allied forces in Afghanistan/Because of an affair exposure and the departure of former cia director/Retired army general 丒 David petraeus(David Petraeus)Wife, Holly 丒 petraeus(Holly Petraeus).Agency has her blog on the website,The latest one is military personnel and their families to popularize knowledge of personal loans.

　　成立以来，CFPB还算有所作为，出台了若干新规则，涉及住房按揭贷款、学生贷款、电子汇兑、信用报告等领域,过去一年中，还就信用卡业务中的不端行为，对美国运通（American Express）、发现金融服务（Discover Financial Services）和第一资本（Capital One）等行业巨头课以罚款。

Since the establishment of,Agency also calculate,Introduced some new rules,Involved in housing mortgage loan/The student loan/Electronic transfers/A credit report and other fields,Over the past year,Also in the credit card business misconduct,For American express(American Express)/Found that the financial services(Discover Financial Services)And capital one(Capital One)Industries such as giant imposed a fine.

　　但眼下，CFPB的未来可谓命悬一线。直接起因是一桩看似不相关的案子。

But at the moment,The CFPB's future is hanging on by a thread.Direct cause is a pile of seemingly unrelated cases.

　　2013年1月下旬，联邦上诉法院裁决奥巴马总统在国会休会期间任命全国劳工关系委员会（National Labor Relations Board）成员的作法违宪。这一判决自然会让人联想到以同样方式被任命的CFPB局长考德瑞的前途。

In late January, 2013,A federal appeals court ruling President Obama nominated the national labor relations board during congressional recess(The National Labor Relations Board)Members of the practice was unconstitutional.This sentence can let a person associate to nature in the same way the future of the appointed agency chief test driver.

　　2012年夏，德克萨斯州的一家银行起诉任命考德瑞涉嫌违宪，眼下案件正由华盛顿特区的地区法院受理。一旦法院裁决任命无效，则CFPB已经制定的各种规章是否具备法律效力也将是一个棘手的、颇富争议的法律问题。比如，按照法律规定，即使局长职位空缺，CFPB依然有权监管大银行，但无权监管非银行金融机构，如专营住房按揭贷款、学生贷款、工资日贷款（payday loan）和信用卡业务的公司等。

In the summer of 2012,Texas sued a bank appointment. Suspicion of unconstitutional,Now the case is by a district court in Washington, d. c.Once the court appointed is invalid,The agency has made a variety of regulations have legal effect will be a tricky/A controversial legal issues.Such as the,In accordance with the law,Even if the director positions available,Agency still has the right to regulate Banks,But has no right to non-bank financial institutions,As specialize in housing mortgage loan/The student loan/Payday loans(Payday loan)And credit card business of the company, etc.

　　吊诡的是，银行业本来强烈反对设置CFPB，但现在法律上的不确定性反而带来更大麻烦。在过去一年中，CFPB已经颁布诸多规则，每颁布一条规则，所涉及的金融机构都要为合规付出努力和成本，比如更新IT系统、修改业务流程、相关员工培训等，这些合规工作目前大多在进行中，且花费不菲。当前的形势下，是否该继续进行，还是观望、等待法庭裁决？这是个足以令银行进退失据的问题。

Paradox is,Banking was strongly opposed to set up agency,But now in the law uncertainty brings us more trouble.In the past year,Agency has promulgated the rules,Each issued a rule,Financial institutions are involved for the effort and cost of compliance,Such as update the IT system/Modify a business process/Relevant staff training, etc,Most of these compliance work is currently underway,And costly.The current situation,Whether to continue,Still waiting to see/Wait for a court ruling?This is a problem between the risk.however is enough to make the bank.

　　毕竟，对于业界来说，严格、烦琐的监管固然“讨厌”，但监管的不确定性或朝令夕改更“讨厌”。

After all,,For the industry,strict/Regulation is cumbersome"hate",But regulatory uncertainty or constantly changing"hate".

　　沃伦教授的“回马枪”

Professor warren's"A sudden"

　　当年同CFPB局长宝座失之交臂的沃伦教授回到波士顿后并不甘心重返象牙塔，而是继续她挑战华尔街的“圣战”。

That year with agency chief throne lost professor warren is not content to return to the ivory tower after returned to Boston,But to continue her challenge on Wall Street"jihad".

　　2012年9月，沃伦宣布代表民主党参选代表马萨诸塞州的国会参议员。尽管华尔街大银行为她的对手提供了大量政治献金，但凭借民众支持，沃伦还是高票当选。

In September 2012,Warren announced that the democrat candidate in Massachusetts senator.Despite the big Wall Street Banks to rival offers plenty of political contributions,But with public support,Warren is a huge popular vote.

　　2013年1月3日，沃伦正式宣誓就任美国国会参议员，并在参议院银行、住房和城市事务委员会中占有一个席位。对于这位现年64岁的法学院教授而言，此次重返华府，算得上是失之东隅，收之桑榆。而对于华尔街大银行而言，有评论人士认为，沃伦的这计漂亮的“回马枪”是他们“最可怕的噩梦”——比奥巴马当选连任还要可怕，以至于她当选的消息公布后的一个交易日内，美国银行、高盛、花旗、摩根士丹利、摩根大通等华尔街巨头的股价都出现不同程度的下跌，跌幅从4.5%至8%不等。

On January 3, 2013,Warren officially sworn in as the United States senator,And Banks in the senate/The department of housing and urban affairs committee of a seat.For the 64 - year - old law school professor,Return to the Washington,Is having trouble,Win on.But for the big Wall Street Banks,There are commentators,Warren this beautiful"A sudden"Is that they"The most terrible nightmare"- is more terrible than Obama re-elected,That she was elected a trading days after the announcement,Bank of America/Goldman sachs/citi/Morgan Stanley/J.p. Morgan chase & Co. and other Wall Street giants appeared different degree of fall in share prices,Losses range from 4.5% to 8%.

　　沃伦必然不肯坐视CFPB被国会共和党人扼杀，而且更为重要的是，作为一位意志坚定的理想主义者，她很可能会推动更为激进的金融消费者保护措施——竞选参议员时她对选民承诺将“为中产阶级家庭而战斗”。

Warren will not allow agency killed by congressional republicans,And more importantly,As a determined idealists,She is likely to push more radical financial consumer protection - running for the senate to her promises to voters"Fight for the middle class family".

　　也许华尔街和为他们代言的国会共和党人应该后悔当初不该对沃伦抱有近乎偏执的敌对态度。如今沃伦稳坐参议院银行委员会，能量远比CFPB局长大得多。可以预见，就在近期，围绕CFPB和更广泛意义的金融消费者权益保护，以奥巴马、沃伦和其他抱有进步主义理念的自由派人士为一方，以华尔街和国会共和党人为另一方，还会有更多明争暗斗。

Maybe Wall Street and for their endorsement of the republicans in congress should regret shouldn't hostile to warren have paranoid.Now warren sits on the senate banking committee,Much more energy than agency director.Can foresee,In the recent,Surrounding the spars and broader financial consumer rights and interests protection,To Obama/Warren and other liberals have progressive ideas to one side,On Wall Street and congressional republicans for the other party,There will be more competition.

　　斗争的结果将决定，CFPB究竟会像当年罗斯福“新政”（New Deals）时代设立证券交易委员会（SEC）和联邦存款保险公司（FDIC）那样泽被后世，还是昙花一现，在下次总统大选后、甚至更早即人去政息。

Will determine the result of the struggle,CFPB would like FDR"The New Deal"(The New Deals)Time to set up the securities and exchange commission(The SEC)And the federal deposit insurance corporation(The FDIC)As ZeBeiHouShi,Or a flash in the pan,After the next presidential election/Even earlier that people go to the government.