Topic Summary: The foreclosure meltdown was partially the result of consumers not knowing what they were getting into when they signed mortgage documents. As part of the Wall Street reform, the Consumer Finance Protection Bureau is launching and become a multi purpose consumer watchdog with enforcement capabilities.

The central mission of the Consumer Financial Protection Bureau is to make markets cor consumer financial products and services work better for Americans-whether they are applying for a mortgage, choosing among credit cards or using any number of other consumer financial products.

They are also going to set up targeted education campaigns that help senior citizens from abusive Ponzi schemes related to mortgage, credit and investment programs.

The big focus will be on education and eliminating the fine print that was used to deceive consumers when are making decisions on mortgage, insurance, credit and other contract related matters.

Main Activities:

Conduct rule making, supervision, and enforcement for Federal consumer financial protection laws

Restrict unfair, deceptive or abusive acts or practices.

Create a center to handle complaints

Promote financial education

Research Consumer behavior

Monitor financial markets for new risks to consumers

Enforce laws that outlaw discrimination and other unfair tretment in consumer finance.