The controversial new Consumer Financial Protection Bureau is opening a regional office in San Francisco that will oversee the examination of banks in 17 Western states.
Edwin L. Chow, a former deputy regional director with the federal Office of Thrift Supervision in Daly City, will be the regional director in charge of the consumer bureau’s San Francisco office, a spokeswoman for the bureau confirmed.
Created by the Dodd-Frank financial reform act, the bureau will take over the regulation of consumer financial products and services – such as mortgages, debit and credit cards, and checking and savings accounts – from other federal regulators. It also will gain powers over certain nonbank entities that are largely unregulated, such as payday lenders, debt collectors, check cashers, credit-reporting agencies and private student-loan companies. Banks will continue to be regulated for safety and soundness by the Federal Reserve, Federal Deposit Insurance Corp. and the OCC.