The new Consumer Financial Protection Bureau (CFPB) has made recent headlines with the appointment of director Richard Cordray. Many people don't really now about the CFPB and the purpose of the agency.
The CFPB has authority to help improve key area's of American's finances such as credit cards, mortgages and student loans. The CFPB plans to improve disclosures and lower borrowing costs for these loans. The CFPB will also oversee mortgage brokers, rules for assessing a borrower's ability to repay, guidelines for financial advisers serving the elderly, and help consumers with disputes with credit bureaus.
For more information visit www.consumerfinance.gov