People tend to tune out when they hear the phrase "consumer protection," and that's probably because we don't really think about ourselves as "consumers." But we do think about ourselves as a "mom," or "dad," or "student borrower," or "employee."
So with that in mind, if you're someone who wants to buy a house, pay for school, get solid retirement advice that actually leaves you with more money in your pocket, avoid hidden credit card fees, and generally avoid getting unfairly trapped in a cycle of debt, we've got good news: The Wall Street reforms the President has put in place are working for you.
One of the core beliefs of this Administration has always been that good government ought to look out for American consumers and protect them from abusive and unfair practices, and that's why in 2010, we created a new independent agency responsible for doing exactly that: the Consumer Financial Protection Bureau (CFPB).
As a now fully operational, independent watchdog, the CFPB is responsible for cracking down on bad actors like unscrupulous lenders, or fraudulent debt collectors, and giving you the information you need to take charge of your financial future. And today, they took another huge step toward protecting working families against abuses in payday and similar types of lending.
Read on to learn more about what the CFPB announced today, and how it builds on the reforms you might not have realized the President put in place to protect you (and your money).
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