One of the signature accomplishments of President Obama’s first term was the Dodd–Frank Wall Street Reform and Consumer Protection Act. Of the provisions in this bill, fought for from day one by the Obama administration was the creation of the Consumer Financial Protection Bureau (CFPB).
The CFPB’s job is to make markets for consumer financial products and services work for Americans — (e.g. protect Americans from deceptive credit card practices and unfair mortgages) – whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
In addition, financial literacy programs would be improved to provide for consumers the information they need to make financially sound choices. And wouldn’t you know it, despite only recently getting through efforts to stop the agency all together and hire a director, the CFPB is already paying dividends.