New government agency protects borrowers

9:39 AM, Nov 9, 2011   |    comments
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WASHINGTON -- The federal government is giving people who borrow money an extra layer of protection.

The new Consumer Financial Protection Bureau aims to make financial matters like student loans, mortgages, and credit cards clearer for consumers.

"The idea is you ought to be able to know before you owe," said Raj Date, special advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau. "You can't make a great decision on your financial life unless you really understand the cost on the one hand, and the risk on the other."

If you hit a snag in the road with a financial institution, the bureau can also help with complaints.

"We'll take that complaint," Date said. "We'll route it to institutions and we'll make sure that we're keeping track of where problems are actually occurring in the market place."

"For the first time there is an agency that's charged for looking out for consumers, for making sure consumer finance markets work for American families," Date added.

For details on how to get help, visit consumerfinance.gov.

(NBC News)

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