From The Boston Globe:
On Thursday, the Consumer Financial Protection Bureau launched its website, www.consumerfinance.gov. The agency won't have the authority to write and enforce rules until July 21, but it's already inviting ideas from the public on how to improve financial products and services.
According to the website's "Learn About the Bureau" page
Like a neighborhood cop on the beat, the CFPB will supervise banks, credit unions, and financial companies, and it will enforce Federal consumer financial laws.
Above all, this means ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families—that prices are clear up front, that risks are visible, and that nothing is buried in fine print.
Most of their focus will probably be on loan products, but hopefully, this new bureau will be helpful to ensure banks don't abuse the fine print in their disclosures for things like changing CD terms to the detriment of savers.