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A new financial regulation bureau is promising better protection for borrowers. The Consumer Financial Protection Bureau opened in Washington today. The CFPB comes in response to the financial collapse that forced the country into the Great Recession. As Whitney Ray tells us, the CFPB hasn’t been open for a full day and attacks are already being levied against its role in policing lenders.

As the economy continues to reel from the financial collapse that began in late 2007… Washington is unleashing a new watchdog.

Thursday the Consumer Financial Protection Bureau opened for business. The CFPB brings all financial regulation under one roof. And according to this video on the bureau’s website, it will make loans and credit card contracts more transparent “by making sure prices are clear upfront and risks are easy to see.”

The bureau promises to get huge financial documents like this document like this home mortgage explained on just two pages.

It will also work to eliminate or at least cut down on fine print in contracts. Banks, credit card companies, pay day advance businesses, car dealers and student loan companies will have to answer to the bureau. Florida Consumer Advocates are praising the new watchdog.

“Everyone wants to reign in these toxic products that are just confusing from the beginning,” said Alice Vickers, with Florida Legal Services.

But the fight is not over. Senate Republicans have promised to block the confirmation of the nominee picked to lead the bureau. They say the increased regulatory power will slow down the economic recovery.

Besides blocking the nomination, there are also efforts in Congress to cut funding for the bureau to render it useless.