Consumer protection superagency created
A lack of financial literacy was at the heart of the financial crisis. Millions of Americans took out mortgages with questionable terms and variable rates without fully understanding their risks. When marketing firm GfK Roper polled Americans about their mortgages for Bankrate in 2007 as the mortgage crisis began, more than a third didn't know what type of mortgage they had.
To help consumers make better financial decisions, the new legislation requires the consumer protection bureau to establish an Office of Financial Education.
The office will conduct public education campaigns, provide counseling and publish information on financial topics such as saving, borrowing and credit history.