The Bureau of Consumer Financial Protection (CFPB) will be an independent bureau within the Federal Reserve System that will help empower consumers with the information they need to make financial decisions that are best for them and their families. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFPB will work to promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services. The CFPB will set and enforce clear, consistent rules that allow banks and other consumer financial services providers to compete on a level playing field and that let consumers see clearly the costs and features of products and services.
Under the Dodd-Frank Act, the Secretary of the Treasury is responsible for standing up the CFPB until a Director of the Bureau is confirmed by the Senate. President Obama has appointed Elizabeth Warren to serve as an Assistant to the President, and the Secretary of the Treasury has appointed her as a Special Advisor, responsible for overseeing the development of the CFPB. The CFPB implementation team, currently housed within the Treasury Department, is hard at work putting in place the building blocks for the Bureau.
For more: http://www.consumerfinance.gov/