Personal finance is a topic of great importance to countless Americans, aiming to protect the viability of their financial future. A new government agency that aims to help consumers in this endeavor, the Consumer Financial Protection Bureau (CFPB), officially opened on July 21, according to Business Insider.
The agency came to be as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, first passed in 2010 by the U.S. Congress. It receives its funding from the Federal Reserve Board.
The Consumer Financial Protection Bureau‘s stated aims, according to the news source, are to better the public’s understanding of the complicated processes that dominate many aspects of personal finance.
As an example, the agency quickly began efforts to create a new, simplified version of the two existing federal mortgage disclosure forms. Other initiatives include offering clear, reliable information regarding credit card fees and the role of credit scores in the financial world.
The bureau has already been the source of partisan political debate in Washington. Nevertheless, JPMorgan Chase chief executive Jamie Dimon, a leading U.S. financial figure was quoted by the news source as saying, “If the CFPB does its job well, the agency will benefit American consumers and the system.”