Last summer, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. On July 21, the President signed it into law. One part of that law created the new Consumer Financial Protection Bureau. The idea was to put a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of consumer financial products and services. We’re also here to be a voice in Washington for consumers.
Now, everyone is hard at work setting up the new agency. We’re in the early stages of hiring a fantastic team, and we’ve moved into some temporary office space. There are still a lot of boxes lying around, but, from early morning until late at night, the lights are on with people working to get this new consumer bureau ready to go.
Today, I’d like to announce the launch of our new website: ConsumerFinance.gov.
With so much going on, some people suggested that we hold off on our website until July 21 of this year, when many of the consumer bureau’s legal powers become active. Besides, by then we would have a chance to hire more staff, get more settled in, and so on. But we wanted to launch the website now for one very important reason: it’s our first step in a conversation with you. We’ve even created this video, with the help of our friend, Ron Howard, to introduce ourselves.
For the first time in many years, we have the opportunity to create a brand new consumer agency from the ground up. We want to make sure that American families are with us all the way while we build it.
I hope that you’ll take a moment to visit our website, and that you’ll come back often to stay in touch.