Former Ohio Attorney General Richard Cordray begins confirmation process for new consumer agency

CFPB: Consumer Financial Protection Bureau

CLEVELAND - FBI, FTC and FCC. They all protect different interests. Add a new one to the mix, CFPB. It will protect the average American's finances. However, we found the average American is confused by all these abbreviations.

There's a new cop on the street. The force will be housed in Washington, D.C., but they'll police Wall Street and any other street where there's a bank, credit union or other financial business.

The goal is to protect your wallet, your home and retirement. So, we hit the streets to see if Americans know who this new cop will be.

We gave consumers a pop quiz showing them agency logos and acronyms to see if they know the new cop and the old ones.

We started off easy with the FBI. Most people knew it stood for the "Federal Bureau of Investigation."

What about the FTC? Juan Jackson said, "No." A few people guessed correctly adding, "Federal Trade Commission."

What about the CPSC? A group of moms knew it had to do with recalls, because they get the email updates.

"Is it Center for Public Safety?" one mom asked.

It's the Consumer Product Safety Commission, and they keep children's toys and products safe. Now, on to the latest addition to the alphabet soup that's Washington, D.C.

How about the CFPB?

"I have no idea," Jim Burgett said.

"It has to do with your finances, and your debit card," we hinted.

"Oh Consumer Financial.....," Burgett said. Eventually, he got it.

If you haven't heard of it yet -- you will.

The Consumer Financial Protection Bureau will get a lot of attention these next few weeks as a Senate committee decides if it should appoint the first leader.

The president wants former Ohio Attorney General Richard Cordray to lead the agency. Cordray must be confirmed by the Senate. Republicans have vowed to block any nominee fearing this agency has too much power.

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NewsChannel5's Consumer Investigator Jenn Strathman is in Washington, D.C. and will have a live update at 6 p.m., as well as updates on newsnet5.com.

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