On Thursday, the Consumer Financial Protection Bureau officially opens its doors for business, under the leadership of Richard Cordray (pictured), who was appointed to the position last weekend by President Barack Obama.

Corday is the first official director of the new agency, though he still must face Congress confirmation hearings. He takes the administrative reigns from Elizabeth Warren, who spearheaded the development of the bureau over the past year, following its mandate under the Dodd-Frank Act. Warren heartily endorsed Cordray's nomination, writing in The Huffington Post this week: "[He] is smart, he is tough, and he will make a stellar director."

Even as the political fight continues over just how potent the agency will be, its simplest mission is to make clear the prices and risks of financial products and services, including credit cards and loans. The CFPB consolidates under one roof oversight of consumer issues, once spread across seven different federal agencies, and its 400-plus employees are taking action in these key areas:

1. Acting to protect consumers: The agency will examine the consumer practices of depository agencies with assets of $10 billion or more, including the $44 billion Navy Federal FCU, the $22 billion State Employees' Credit Union of North Carolina and the $15 billion Pentagon Federal FCU. Other credit unions will be subject to CFPB regulations. Enforcement will likely be through the National Credit Union Administration or state regulators.

2. Simplify mortgage disclosure forms:
In May, the agency created the Know Before You Owe project to test alternative mortgage disclosure forms that will be given to consumers who have just applied for home loans. The bureau is also considering public input on the forms: To date, it has already received more than 13,000 responses through its website. The bureau expects to go through five rounds of evaluation and revision through September, and new forms and regulations will be issued by July 2012.

3. Clarify remittance policy and exchange rates: For the millions of Americans who send money to relatives overseas -- remittances -- the bureau will add more transparency regarding and exchange rates and the total price and fees charged by providers. The will also have to disclose up front how much money will be received on the foreign side of the funds transfer.

4. Examine nonbank companies for compliance with federal consumer financial laws: In a broad overhaul, the bureau will look after six nonbank markets that have not been subject to federal regulations until now, including debt collection, consumer reporting, consumer credit and related activities, check cashing and money transfers, prepaid cards and debt relief services. It has been authorized to examine all varieties of nonbank mortgage lenders, payday lenders and private education lenders, but only supervise other larger participants -- an arena which will be clearly defined no later than July 12, 2012.

5. Assist military families: The CFPB has special oversight responsibilities for servicemembers and military families through the Office of Servicemember Affairs, which directs education initiatives and other consumer protection measures.

6. Investigate variations in credit score reporting: Under new rules changes from the Federal Trade Commission and the Federal Reserve, banks and other lenders are required to show consumers the credit score and other information they used to make their credit-related decisions, such as interest rate offers and loan approval. The CFPB is responsible for enforcing the new rule, and has issued its first report on the variations between credit scores and reports from the consumer reporting agencies.

7. Listen with the Consumer Response Center: The bureau is opening a toll-free telephone number with English and Spanish language options for consumers to file and track complaints, along with a Web-based system for consumers to file credit card complaints.

Catherine New is a staff writer with DailyFinance.com. You can reach her here.

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wellpullitoff

Obama is excellent in creating more agencies, more regulations, when in fact, all these functions and regulations are there for years, but no teeth in implementation, look at SEC, not doing their job resulting in Madoff ponzi scheme, Wall St deceptions and abuse and worst, lives and finances torpedoed to destruction, Madoff having easy life iniside federal prison (free everything), and with Wall ST and other abusive financial institutions - no one goes to jail. Try calling this new agency with your problem, it will be the same old $*!+! They are there to defend big business, not you, consumers always get caught in the deliberately manipulative tactics of - the fine print.

July 22 2011 at 9:54 AM Report abuse +1 rate up rate down Reply
john foote

More Obama hot air, we don't need another government agency . Just make the laws that are in place work and stop giving homes to people that cant pay for them.

July 22 2011 at 7:57 AM Report abuse +1 rate up rate down Reply
watchclock

Curious George and Howdy Dooty, what a combo.

July 22 2011 at 1:30 AM Report abuse +1 rate up rate down Reply
mike jones

MADOFF STOLE OVER 80 BILLION WAS'NT FOR BUSHES ECONOMIC CALAPSE HE WOULD HAVE NEVER GOT CAUGHT

July 22 2011 at 1:16 AM Report abuse -2 rate up rate down Reply
mike jones

I TELL U WHAT FOR THOSE WHO TRUST THE BANKS AND WALL STREET LET MADOFF KEEP YOUR ACOUNT I WILL TRUST THE GOVERNMENT ANY DAY OVER THEM GREEDY BANKERS AND WALL STREET

July 22 2011 at 1:14 AM Report abuse -3 rate up rate down Reply
1 reply to mike jones's comment
watchclock

They are all one in the same. GS owns the govt. anyway.

July 22 2011 at 1:26 AM Report abuse rate up rate down Reply
Jean

We need a tough agency that will not only inform the public but introduce tougher consumer protection laws & enforce them. Unscrupulous business practices leave consumers without any recourse when they are victimized. This goes for shoddy workmanship for car repairs, home improvement, etc. These companies are allowed to wreck a person's credit report when they report that a consumer doesn't pay. The damage they do should not be allowed. These credit reporting agencies should not just allow businesses to send in a delinquent payment report on someone without giving the consumer a chance to be heard. I know we can include a statement on our credit report to refute a claim but the damage is already done.

July 21 2011 at 9:23 PM Report abuse rate up rate down Reply
estein4124

Pretty Much Nothing.

July 21 2011 at 8:48 PM Report abuse +1 rate up rate down Reply
leetjbgsucjob

BOW DOWN ALL YOU COSMIC DUST BILE ! FOR I AM BGGDG /LEE RESOLUTION / TJDWILL YOUR ECONOMICALLY SUPERIOR BEING ! STAY OFF MY DAILY FINANCIAL SITE OR YOU WILL BE EJECTED WITH THE OTHER ECONOMICALLY INFERIOR COSMIC DUST BILE !

July 21 2011 at 8:15 PM Report abuse +1 rate up rate down Reply
1 reply to leetjbgsucjob's comment
bushsnitemare2

IS THIS ONE OF THOSE FAKE DEMS THE GOP USED IN THE RECALL ELECTION?.....THE GOP USED THE FAKE CANDIDATES TO CONFUSE VOTERS IN WISONSIN. WELL THE ONLY ONE WHO IS CONFUSED NOW IS THE GOP? THEY CAN'T FIGURE OUT WHY NONE OF THEIR FAKE DEMS CANDIDATES WON!........SCOTT WALKER WILL BE THE NEXT INLINE FOR A RECALL VOTE!!!!........BOOT HIS ASS OUT!!!!!!

July 21 2011 at 10:15 PM Report abuse -2 rate up rate down Reply
1 reply to bushsnitemare2's comment
wch2011

The Dems do the same thing all the time. Take a look at how Illinois works. Chicago to be exact. You single out the GOP and you need to look at both. Get real lib!

July 22 2011 at 8:06 AM Report abuse +2 rate up rate down
leetjbgsucjob

THAT'S ALL ? MINUS THREE ! YOU COSMIC DUST BILE SLUGS DISAPPOINT ME. I AM BGGDG / LEE RESOLUTION / TJDWILL AND I HAVE NO LIFE OTHER THAN DAILY FINANCIAL YOU INFERIOR ECONOMIC DUST BILE WASTE OF LIFE FORMS NEED TO REPORT TO LEVEL 13 FOR IMMEDIATE EJECTION.

July 21 2011 at 8:05 PM Report abuse rate up rate down Reply
2 replies to leetjbgsucjob's comment
someoneole

Who let you out of the loony bin?

July 21 2011 at 8:14 PM Report abuse -2 rate up rate down Reply
1 reply to someoneole's comment
leetjbgsucjob

SILENCE YOU INFERIOR COSMIC DUST BILE !

July 21 2011 at 8:16 PM Report abuse +1 rate up rate down
leetjbgsucjob

I AM ECONOMICALLY SUPERIOR BUT SOMETIMES MY NURSE IS LATE CHANGING MY DEPENDS BUT I CAN STILL MAKE FUN OF YOU ILLITERATE COSMIC DUST BILE FORMS BECAUSE YOU ARE NOTHING AND I AM SUPERIOR TO YOU ! BOW BEFORE YOUR LEADER YOU INFERIOR SCUM.

July 21 2011 at 7:51 PM Report abuse -5 rate up rate down Reply