Consumer protection superagency created

You'd think a government agency with a name like the Consumer Financial Protection Bureau would also come to the aid of consumers burned by fraudulent investments, but some of that responsibility will continue to lie with the Securities and Exchange Commission and other government agencies.

"(The bureau) will regulate almost any kind of financial transaction where a retail investor is dealing with a financial institution, except clear securities transactions where the SEC will deal with it, or derivatives transactions that are dealt with by the (U.S. Commodity Futures Trading Commission)," says Elliott.