TALLAHASSEE, FLA. - The Consumer Financial Protection Bureau (CFPB), a new financial regulation branch, is promising better protection for borrowers.
Opening in Washington Thursday, the CFPB comes in response to the financial collapse that forced the country into the Great Recession.
The CFPB hasn't been open for a full day, but attacks are already being levied against its role in policing lenders. Besides blocking the nomination, there are also efforts in Congress to cut funding for the bureau to render it useless.
The CFPB brings all financial regulation under one roof. And according to a video on the bureau's website, it will make loans and credit card contracts more transparent.
The bureau promises to work to eliminate or at least cut down on fine print in contracts. Banks, credit card companies, pay day advance businesses, car dealers and student loan companies will have to answer to the bureau.
"Everyone wants to reign in these toxic products that are just confusing from the beginning," said Alice Vickers, of Florida Legal Services.
But the fight is not over. Senate Republicans have promised to block the confirmation of the nominee picked to lead the bureau. They say the increased regulatory power will slow down the economic recovery.