Consumer Financial Protection Bureau is a year old, agency makes credit cards easier to understand

WASHINGTON - Consumers got a voice in Washington just over a year ago when the Consumer Financial Protection Bureau was formed. So, what has the agency done to protect you?

As director of the agency, Ohio's former Attorney General Richard Cordray gave a progress report to the Senate Banking Committee on Thursday.

Cordray was in front of the same committee a year ago fighting to have his nomination accepted. The agency got off to a controversial start because some feared it had too much power.

A year later, the agency has taken steps to make it easier to understand the details of your credit card, mortgage or student loan agreement.

If you've ever closed on a home, you know the forms can be confusing. The CFPB is simplifying the mortgage disclosure forms so it's more obvious what your payments will be over the life of the loan.

Thinking about a credit card? You can search an online database to see what kind of customer service other consumers are getting with that card and company.

The agency also takes your complaints about financial products. More than 72,297 people have used that service.

Many of these changes are still in the government pipeline, but should start taking effect soon.