1Consumer Financial Protection .
2A consumer financial-protection bureau will be created at the Federal Reserve to police banks and financial-services businesses for credit-card and mortgage - lending abuses .
3The plan was approved over the objections of Republicans and the financial industry .
4Obama originally proposed a stand-alone consumer agency , saying it would play a central role in reorganizing regulation to prevent future financial crises .
5`` It 's an agency with considerable authority to protect consumers from abusive financial practices , which is a landmark achievement , '' Travis Plunkett , legislative director at the Consumer Federation of America , said in an interview .
6While the bureau will be housed at the Fed , it will have independent authority .
7Led by a director appointed by the president and confirmed by the Senate , the bureau will write consumer-protection rules for banks and other firms that offer financial services or products .
8It will enforce those rules for banks and credit unions with more than $ 10 billion in assets .
9Bank regulators will continue examining consumer practices at smaller financial institutions .
10The bureau could require credit-card lenders , including JPMorgan Chase & Co. and Citigroup , to reduce interest rates and fees .
11Mortgage lenders , including Bank of America , may be subject to tougher rules including more upfront disclosures to borrowers about loan terms .
12Automobile dealers won an exemption from oversight by the bureau after lobbying from the industry .
13Dealers said the rules would place unnecessary restrictions on their financing business .
14The Obama administration had opposed the exemption .
15The idea for a new agency grew out of criticism from lawmakers and consumer groups that bank regulators , including the Fed , failed to properly exercise their consumer-protection authority during the housing boom .